September 29, 2024 | 12:00am
MANILA, Philippines — SP New Energy Corp. (SPNEC) of tycoon Manuel V. Pangilinan is spending over P14 billion to connect the world’s largest solar farm to the national grid.
The company, through Terra Solar Philippines Inc. (TSPI), is developing a massive solar farm straddling the provinces of Nueva Ecija and Bulacan.
Earlier, TSPI signed a contract with Meralco Industrial Engineering Services Corp. (MIESCOR) for the construction of a critical infrastructure that will ensure the delivery of energy to the grid once the solar project becomes operational.
The infrastructure includes a main collector substation, two solar photovoltaic satellite collector substations and two double-circuit 230-kilovolt-transmission lines.
SPNEC told the Philippine Stock Exchange on Friday that the total contract price for the MIESCOR deal is at P7.8 billion.
Aside from the contract price, $116.9 million (P6.55 billion) is allocated for offshore equipment, the solar firm said.
“While the company expects the transaction to positively impact the timely completion of the Terra Solar project, the transaction is not expected to have significant material impact on the general business and operations of SPNEC,” it noted.
The P213-billion Terra Solar development, which covers about 3,500 hectares of land, will consist of 3,500 megawatts of solar panels and 4,000 MW-hours of battery energy storage systems.
According to MIESCOR, site operations for the project are already underway, with the team dedicated to hitting energization targets on time.
The project is targeted to be completed in phases: the first phase by 2026 and the second phase by 2027.
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