SPNEC to pick foreign investors for P200 billion Terra Solar project

MANILA, Philippines — Manuel V. Pangilinan-led SP New Energy Corp. (SPNEC) is considering to onboard as many as two foreign investors to support the company in the development of the P200-billion Terra Solar development in Nueva Ecija and Bulacan, which is poised to become the world’s largest solar project once completed.

Pangilinan, chairman of SPNEC, said about five foreign firms have expressed interest in investing in Terra Solar.

He said some of these companies have technical expertise, while some are pure equity investors.

“But we’ll take only two,” Pangilinan said.

Pangilinan said SPNEC is willing to sell as much as 40 percent in Terra Solar to foreign investors, with the company to hold the majority 60 percent.

Asked on the valuation of the shares to be sold, Pangilinan said there are indicative numbers, but it is still too early to tell.

He said the plan is to finish the transaction within the year.

SPNEC, through subsidiary Terra Solar Philippines Inc., is developing the massive solar farm in Nueva Ecija and Bulacan, which will consist of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery storage.

Pangilinan earlier said they want to get in new investors into Terra Solar to help with the financing of the project.

He said the cost is about P200 billion to implement the project in full.

The Terra Solar project is targeted to be completed in two phases.

The first phase, with a target capacity of 2,500 MW, is eyed for completion by 2026, while the second phase, with a capacity of 1,000 MW, is slated to be finished by 2027.