SP New Energy Corp. (SPNEC) has acquired all of the shares of Prime Infrastructure Inc. (Prime Infra) in their joint venture firm Terra Solar Philippines Inc. (TSPI) for P6 billion to build the world’s largest solar project at a cost of about P200 billion.

In a disclosure to the Philippine Stock Exchange (PSE), SPNEC said that it has executed a Deed of Absolute Sale to acquire the shares from Prime Infra. Together with SPNEC’s shares in TSPI acquired from Solar Philippines, SPNEC is now the owner of 100 percent of TSPI.

TSPI was established in 2020 as a 50-50 joint venture between SPNEC parent Solar Philippines and Prime Infra to develop a 3.5 GW solar and 4 GWh battery storage project, which has been referred to as the world’s largest solar project.

This would be larger than India’s Bhadla Solar Park and China’s Golmud Solar Park, currently the world’s largest solar farms at over 2.2 GW. 

It would also exceed the capacity of all grid-connected solar projects operating in the Philippines combined at over 1.5 GW, according to the Department of Energy’s latest figures as of 2023.

SPNEC previously disclosed that it has secured over 3000 hectares of land for its projects, most of which have already been converted to industrial use.

The firm’s developments are supported by the agreement signed between MGen Renewable Energy (MGreen), Solar Philippines, and SPNEC on Oct. 12, 2023 for a P15.9 billion investment. 

Upon closing, MGreen will own 15.7 billion common shares and 19.4 billion preferred shares of SPNEC, translating to a total voting interest of 50.5 percent.

MGreen is the renewable energy development arm of Meralco Powergen Corporation, a wholly-owned subsidiary of the Manila Electric Company, the country’s largest private sector electric distribution utility company. SPNEC is currently majority-owned by Solar Philippines. 

“This will be one of the largest solar projects not just in Asia, but in the world. The Department of Energy’s vision is to have about 35 percent of the country’s energy come from renewable energy, and this is one of Meralco’s major contributions to this goal,” Meralco Chairman and CEO Manuel V. Pangilinan previously said.

The estimated total investment for this project has been estimated to be “around P200 billion.” “It’s a big project. It has attracted a lot of interest from foreign investors because it’s big. It’s transformative for the Philippines,” Pangilinan previously said.