SP NEW Energy Corp.’s (SPNEC) P200-billion Terra Solar project might be completed slightly ahead of schedule as it has already achieved a 73% progress rate, the company’s president said.
“In terms of completion, the Terra Solar Project achieved 73% overall development,” SPNEC President and Chief Executive Officer Emmanuel V. Rubio said during a briefing on Monday.
SPNEC, through its unit Terra Solar Philippines, Inc. (TSPI), is developing a project in Nueva Ecija and Bulacan, which consists of a 3,500-megawatt solar power plant and a 4,000-megawatt-hour energy storage system.
The project’s first phase is set to be completed by 2026, with the second phase targeted for 2027.
“Just slightly ahead of schedule. We still have a number of transmission lands to secure. We’re close to actually finalizing and acquiring all the lots for Phase 1. Phase 2 is still ongoing,” Mr. Rubio said.
The project is expected to generate more than five billion kilowatt-hours of electricity annually.
Key progress areas include land control, which is 62% complete, and transmission line right-of-way, which is also 62% complete, according to Mr. Rubio.
The company has secured permits at 61%. Solar farm development has already attained a 96% progress rate, procurement of major equipment is at 95%, interconnecting development is at 90%, and photovoltaic site clearing is about 23% complete.
“We continue to make significant strides in our low-carbon energy transition journey, highlighted by the progress made in our flagship project, Terra Solar,” Mr. Rubio said.
In September, SPNEC and its parent company, Manila Electric Co. (Meralco), formed a strategic partnership with global investment firm Actis, which includes a $600-million investment for a 40% equity stake in Terra Solar.
TSPI has partnered with Meralco Industrial Engineering Services Corp. to build the infrastructure needed to connect the Terra Solar project to the grid.
The Terra Solar project was certified by the Energy department as an “energy project of national significance” and secured “green lane certification” from the Board of Investments, enabling it to benefit from streamlined and expedited permit processing.
SPNEC is controlled by the Pangilinan group through MGen Renewable Energy, Inc., the renewable energy development arm of Meralco Power Gen Corp. The latter is a unit of Meralco.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
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