Terra Solar Philippines, Inc., which is constructing a Php 200 billion solar project, is in talks with five foreign companies about becoming investors, says SP New Energy Corporation (SPNEC).
In a report by Business World, SPNEC president and CEO Manuel V. Pangilinan shared that though five investors expressed interest, the company would only accept two investors, each with a 20% share, and would only sell up to 40% to international investors.
The firm also said that it has been scouting investors for Terra Solar to secure financing for the solar power project, which requires Php 200 billion.
China Bank Capital Corporation managing director Juan Paolo Colet said that securing a top-notch foreign partner could have a significant impact on the favorable outcome of the project.
Colet added that an investor well-versed in financial resources and technical expertise would be a good match for the firm.
The Terra Solar project in Nueva Ecija and Bulacan is comprised of a 3,500-megawatt (MW) solar power plant and a 4,000-megawatt hour (MWh) energy storage system. It was anticipated to produce over 5 billion kilowatt hours (KWh) of electricity annually.
The first phase of the project is slated for completion by the first quarter of 2026.
Terra Solar was an equal partnership between the parent company of SPNEC, Solar Philippines Power Project Holdings, Inc., and Prime Infrastructure Holdings, Inc.
SPNEC had secured total control of Terra Solar after securing the entire stake of Prime Infra amounting to Php 6 billion in 2023.
