SP NEW Energy Corp.’s Terra Solar Project (SPNEC), worth $200 billion, could 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 has achieved a total development of 73%,” said Emmanuel V. Rubio, President and Chief Executive Officer of SPNEC, during a briefing on Monday.
SPNEC, through its unit Terra Solar Philippines, Inc., is developing (TSPI) 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 first phase of the project is expected to be completed in 2026, with the second phase scheduled for 2027.
“Just a little earlier than planned. We still need to secure a number of transmission countries. We are on the verge of actually completing 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 areas of progress include the land survey, which is 62% complete, and the transmission line right-of-way, which is also 62% complete, Mr. Rubio said.
The company has obtained 61% permits. The development of solar parks has already reached a progress rate of 96%, the procurement of major equipment is at 95%, the interconnection development is at 90%, and the clearance of photovoltaic sites is about 23% completed.
“We continue to make significant progress in our transition to a low-carbon energy transition, highlighted by the progress made on our flagship project, Terra Solar,” said Mr. Rubio.
In September, SPNEC and its parent company, Manila Electric Co., formed. (Meralco), a strategic partnership with global investment company Actis, which includes a $600 million investment for a 40% equity stake in Terra Solar.
TSPI collaborates 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 as an “energy project of national importance” by the Department of Energy and received “green lane certification” from the Board of Investments, allowing it to benefit from a streamlined and expedited permitting process.
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 partially owned by PLDT, Inc.
Hastings Holdings, Inc., a part of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in Business world through the Philippine Star Group, which it controls. — Heroes Joy Talavera