Solar Philippines is preparing for the conversion of over 3,000 hectares in Nueva Ecija and Bulacan into industrial land this year after securing off-take agreements for its projects in 2022.
In a disclosure to the Philippine Stock Exchange, SP New Energy Corporation (SPNEC) said it has already fully secured a majority of its target lands.
Documentation is now ongoing to complete its acquisitions, in parallel to the submissions of the already fully secured lands for conversion to industrial use.
SPNEC said it aims to complete the submissions of these lands for conversion by the end of the first quarter 2023 and convert over 3000 hectares to industrial use by the end of the fourth quarter of this year.
The largest project of Solar Philippines is under Terra Solar Philippines, Inc., a joint venture that has a Power Supply Agreement with Meralco to supply 850 MW of mid-merit from a planned 3.5 GW solar, 4.5 GWh battery project, which may require land in provinces including Nueva Ecija and Bulacan.
“Converting over 3000 hectares for industrial use is the most significant value driver for SPNEC, and we will provide further updates as we work to create value on this for our shareholders,” Solar Philippines founder Leandro Leviste said.
He added that, “Land underpins an entire project, and our landbank in Nueva Ecija and Bulacan in particular is unique, in terms of its scale and proximity to Manila.”
At over 3000 hectares, SPNEC’s landbank in Nueva Ecija and Bulacan upon its completion would be one of the largest industrial developments of any kind in the Philippines and larger than all the solar projects operating in the Philippines to date combined.