The listed subsidiary of PV project developer Solar Philippines is planning to add a 3.5GW solar farm to its 500MW system already under construction on the Northern Filipino region of Luzon, which the company claims would make it the largest PV project in the world.
Solar Philippines Nueva Ecija Corporation (SPNEC) plans to acquire another 2,500 hectares for this giant PV cluster in the provinces of Nueva Ecija and Bulacan using proceeds from various capital raises. These included a previously announced stock rights offering (SRO) and private placements with institutional investors to raise at least PHP10 billion (US$195 million) as well as plans for an asset-for-share swap with parent company Solar Philippines. These announcements came shortly after SPNEC had made its debut on the Philippine Stock Exchange in December 2021.
Standing at 4GW cumulative capacity, the planned project would surpass the world’s current largest solar project, the Bhadla Solar Park in Rajasthan, India, which stands at more than 2,245MW.
Solar Philippines has been able to plan a project of such scale by working to secure land and permits since 2016. The bunching of projects will also help the company capitalise on the transmission infrastructure already under construction for the initial 500MW plant, which will stretch 60 kilometres to the Greater Manila Area, one of the world’s largest metropolises.