SP New Energy Corp. (SPNEC) said the world’s largest solar project being developed by Terra Solar Philippines Inc. is now 54 percent complete, based on the overall project development phase as of the second week of July.
Terra Solar is a wholly-owned subsidiary of SPNEC that is developing a P190-billion solar farm in Nueva Ecija and Bulacan with 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery energy storage.
“Key progress areas include land control, the PV (photovoltaic) lands, now 49 percent complete and transmission line right-of-way is 34 percent complete,” said Emmanuel Rubio, SPNEC president and chief executive officer, earlier this week.
“Permits for pre-development is 58 percent complete. We also received the SIS (system impact study) two weeks ago from NGCP (National Grid Corporation of the Philippines). Solar farm development 88 percent complete, procurement is 61 percent complete, interconnection development is 35 percent complete while PV site clearing is about 24 percent complete,” Rubio added.
SPNEC said the project also remains on track for key milestones with significant progress anticipated in the coming months.
Rubio said the company also received offers for the transmission side of the project and is now in the process of reviewing and negotiating with two short-listed candidates as well as for the engineering, procurement and construction (EPC) of the first phase of the project.
“Completion targets for major components are set for December (2024) and January 2025 and these are the awardings for the EPC for both transmission and PV and the project is expected to be completed in two phases. Phase one by 2026 and phase two by 2027,” Rubio said.
Rubio also noted a short list of potential financial partners for the project with some of them from Japan, United Kingdom, United States and the Middle East.
“We have yet to receive the offers, finals offers. Expecting them probably middle of August,” Rubio said.
