SPNEC to pick partner for P200-B solar park in August
SP New Energy Corp. (SPNEC) of billionaire Manuel V. Pangilinan is expected to pick foreign investors by next month to help finance the P200-billion Terra Solar project in Nueva Ecija and Bulacan.
According to Pangilinan, who is SPNEC chair, the power generation firm received “very keen interests” from potential partners.
Pangilinan said they have a “very long list” of investors who are expected to submit their respective offers by Aug. 15.
“So by the end of August, the board will have to choose,” he told reporters in a chance interview earlier this week,” he added.
The tycoon said SPNEC will “most likely” take only one investor.
Emmanuel Rubio, who assumed office as SPNEC president and chief executive early this month, said interested parties were based in Japan, the United Kingdom, the Middle East, and the United States.
When asked how much capital infusion SPNEC was seeking, Rubio did not provide a figure, only saying that the company has yet to receive final offers.
SPNEC, which serves as Meralco PowerGen Corp.’s listed renewable energy vehicle, acquired the Terra Solar project for P6 billion from Prime Infrastructure Inc. in December 2023.
Back in March, Pangilinan said SPNEC firm was looking at disposing of a 40-percent share in Terra Solar to secure additional financial sources.
Terra Solar is envisioned to become the world’s largest solar park with a capacity of 3,500 megawatt complemented with an energy storage system that can store 4,000 megawatt-hours.
According to Rubio, the massive development has been making headway with the completion rate now at 54 percent following key progress in land control.
“The Terra Solar project remains on track for key milestones with significant progress anticipated in the coming months,” he added.
The first phase, with a target capacity of 2,500 MW, is expected to be finished by 2026. The 1,000-MW second phase is slated for completion by 2027.
