Solar Philippines Nueva Ecija Corporation (SPNEC) is looking to secure at least 2500 hectares of land to expand its 500-megawatt (MW) flagship project by 3.5 gigawatts (GW).
In its disclosure to the Philippine Stock Exchange (PSE) on Wednesday, SPNEC said that it would use the proceeds of its capital raises to secure land in the provinces of Nueva Ecija and Bulacan for the planned solar farm.
“At 4 GW, SPNEC’s combined developments in this area would surpass the capacity of India’s Bhadla Solar Farm, currently the world’s largest farm at over 2.2 GW; as well as surpass the capacity of the total grid-connected solar operating in the Philippines as of the end of 2021 at over 1.3 GW,” SPNEC said in a statement.
The company said it has been consolidating land and permits for the solar project since 2016, when it first applied for its solar energy service contract with the Department of Energy (DOE).
“Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm. By the end of this year, our planned share issuances should result in the consolidation of ingredients that would enable SPNEC to expand its flagship project to be the world’s largest solar farm,” Solar Philippines founder Leandro Leviste said.
SPNEC has a stock rights offering (SRO) scheduled from August 30 to September 5. The SRO price is expected to be released today, August 18.