SP New Energy Corp. (SPNEC), a subsidiary of Solar Philippines, is working to convert over 3,000 hectares into industrial use.
The company told the exchange on Tuesday that it is preparing over 3,000 hectares in Nueva Ecija and Bulacan for conversion to industrial land this year after securing offtake agreements for its projects last year.
SPNEC has already fully secured the majority of its target areas. Documentation is now underway to complete the acquisitions, in parallel with the submissions of the already fully secured lots for conversion to industrial use. SPNEC intends to complete submissions of these acreage for conversion by the end of the first quarter and to convert over 3,000 hectares to industrial use by the end of the year.
Solar Philippines’ largest project is being carried out by Terra Solar Philippines Inc., a joint venture that has entered into an electricity supply agreement with Manila Electric Co. (Meralco) to increase 850 megawatts (MW) of average capacity from a planned 3.5 GW (gigawatts ) to deliver ) solar, 4.5 GWh battery project that may require land in provinces such as Nueva Ecija and Bulacan.
“The conversion of over 3,000 hectares for industrial use is the most significant value driver for SPNEC and we will continue to provide updates as we work to create value for our shareholders. Land underpins an entire project, and in particular our land bank in Nueva Ecija and Bulacan is unique in terms of its size and proximity to Manila,” said Solar Philippines Founder Leandro Leviste.
At over 3,000 hectares, SPNEC’s land bank in Nueva Ecija and Bulacan, when completed, would be one of the largest industrial developments of any kind in the Philippines and larger than all solar projects previously operated in the country combined.