SP New Energy Corporation (SPNEC) marked a historic milestone last January 1, 2024 by officially commencing the construction of what is touted to be the "world's largest solar project" in the Philippines.
SPNEC's subsidiary, Terra Solar Philippines, Inc., is spearheading the impressive project and is currently in the process of clearing 3,500 hectares of land in Nueva Ecija and Bulacan.
In a statement, Leandro Leviste, Vice Chairman of SPNEC, mentioned that the solar project includes installing over 5 million solar panels. At the same time, they are actively working on connecting the project to the national grid, a crucial step in incorporating renewable energy into the country's power system.
The said project underscores the growing momentum in the nation's renewable energy sector, propelling the Philippines towards a greener and more sustainable energy future.
Strategic Location and Timeline
The Terra Solar project is strategically centered around Peñaranda, Nueva Ecija, and is envisioned to deliver 3,400 megawatts of solar panels complemented by 4,000 megawatt-hours of battery storage. The entire project costs a hefty P200 billion, showing just how big and important it is.
SPNEC aims to complete the first phase of the project by the first quarter of 2026, necessitating the acceleration of site clearing activities in preparation for the subsequent installation of solar panels and interconnection facilities.
Once operational, the project is expected to generate an impressive 5 billion kilowatt-hours yearly, equivalent to approximately 5% of the total volume of the Philippine grid and a noteworthy 12% of the country's total energy demand.
Surpassing Global Benchmarks
This groundbreaking initiative positions the Terra Solar project to surpass the capacities of India's Bhadla Solar Park and China's Golmud Solar Park, both currently recognized as the world's largest solar farms with capacities exceeding 2.2 gigawatts (GW).
The commencement of the project follows MGen Renewable Energy, Inc. (MGreen)'s substantial P15.9-billion investment in SPNEC on December 27, 2023. MGreen, the renewable energy development arm of Meralco Powergen Corp., a subsidiary of Manila Electric Co., solidifies its commitment to advancing sustainable energy solutions in the Philippines through strategic partnerships and investments.
