Newly listed Solar Philippines Nueva Ecija Corporation (SPNEC) has commenced the installation of 50MW of PV systems for its 500MW “solar ranch” in the Municipality of Peñaranda, which is located in the province of Nueva Ecija (i.e, the Philippines’ Central Luzon Region). This story was first reported by local news outlets and other renewable energy news websites.
According to a statement that SPNEC filed with the Philippines Stock Exchange, the company aims to have the first 50MW connected to the grid by the end of 2022. Also, the initial phase of the project is expected to start generating revenue in 2023 so to “pave the way” for further progress. In an e-mail sent to Philippine newspaper BusinessWorld, SPNEC said that it will install another 175MW at the solar ranch in the first half of 2022. The company also stated that the construction of the solar ranch will create more than 5,000 new jobs; and once completed, the solar ranch will employ more than 500 workers for operation and maintenance.
SPNEC also told local news outlets that once the initial phase is connected to the grid and begin operating, it will be relatively easy to add more generation capacity. The installation of the entire 500MW is expected to be completed within a period just over a year or so.
The solar ranch is part of a 1GW portfolio announced by SPNEC last December. It is currently the largest PV project in the country to date. More notably, it will be an unsubsidized project. As SPNEC begins construction on the solar ranch, it is also preparing an area sized 1,000ha for the future capacity expansion of the same project. The company said that it will be collaborating with another entity for the capacity expansion, but the name of the partner has yet to be disclosed.
Having just launched an IPO in December last year, SPNEC is the first company in the Philippines to take advantage of a new policy that allows renewable energy companies to be listed in the domestic stock exchange without disclosing their operating histories. The government of the Philippines has now taken a proactive stance in energy transition, and its Department of Energy aims to raise the share of renewables in the total domestic energy generation to 35% by 2030 and 50% by 2040.