SP New Energy Corp. (SPNEC) has put plans in motion to bring in more investors for the Terra Solar development in Nueva Ecija and Bulacan.
The Pangilinan-led solar power firm is looking to partner with foreign investors to help fund the 3,500-megawatt (MW) solar farm. The project is estimated to cost around Php 200 billion and could be the world’s largest solar farm.
SPNEC Chair and President Manuel V. Pangilinan said that SPNEC is eyeing to sell as much as 40% equity stake in Terra Solar to fund the solar farm development. Pangilinan added that they are in the process of talking to possible foreign investors for the equity sale.
He assured that SPNEC has already assigned a dedicated team to manage the development of the solar farm.
Pangilinan emphasized that complexities with the project include uncertainties in the supply chain, particularly the escalating costs of materials for the battery storage system. Additionally, the project’s land acquisition remains incomplete, spanning 3,500 hectares in Nueva Ecija and Bulacan.
Pangilinan said that half of the land is titled, with the need for additional acquisitions to connect the solar farm to the transmission facilities of National Grid Corp. of the Philippines.
The Terra Solar project is anticipated to surpass the combined solar projects in the Philippines, exceeding 1,500 MW. The venture aims to outscale China’s Golmud and India’s Bhadla solar parks, currently the world’s largest solar farms.
The project’s first phase is projected for completion in the first quarter of 2026, following initial site-clearing activities and the installation of 5 million solar panels.
The Tierra Solar initiative, when fully operational, is expected to generate over 5 billion kilowatt-hours of electricity each year, contributing approximately 12% of the country’s annual demand.
