A Renewable Energy Company Is Turning 3,000 Hectares in Nueva Ecija and Bulacan Into Industrial Land

Listed SP New Energy Corp has announced that it is preparing over 3,000 hectares for industrial land conversion in Nueva Ecija and Bulacan this year. 

When completed the company said its landbank in both provinces would be the largest industrial developments of any kind in the Philippines and larger than all the solar projects operating in the Philippines to date combined.

3,000 hectares is roughly around the size of Pasig City (3,100 hectares).

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In a disclosure to the Philippine Stock Exchange on Tuesday, SPNEC said it has secured the 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,” the company said. “SPNEC aims to complete the submissions of these lands for conversion by the end of Q1 2023 and convert over 3000 hectares to industrial use by the end of Q4 2023.”

The company said its largest project is under Terra Solar Philippines, Inc., which is 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. 

The said project may require land in provinces including Nueva Ecija and Bulacan, SPNEC said. 

Terra Solar is a joint venture between billionaire Enrique Razon’s Prime Infrastructure Capital Inc. and Leandro Leviste’s Solar Philippines Power Project Holdings Inc., which is part of the SP Group. 

Terra Solar announced that it is building the 3.5GW facility in June last year.

“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. 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,” Solar Philippines founder, chairman, CEO and president Leandro Leviste said. 

SP New Energy Corporation (SPNEC), formerly Solar Philippines Nueva Ecija Corporation, is a renewable energy power generation company whose primary purpose is to construct, erect, assemble, commission, operate and maintain power-generating plants, warehouses, terminals, and related facilities for the conversion of renewable energy into usable form fit for electricity generation and distribution.

The company, which is a wholly owned subsidiary of Solar Philippines Power Project Holdings, Inc., produces electricity which it then sells through contracts with customers or directly to the spot market.

SPNEC listed in the stock market in December 2021, the first time that a renewable energy company was allowed to list in the PSE under its Supplemental Listing and Disclosure Requirements for Renewable Energy (RE) Companies.