Solar Philippines Nueva Ecija Corporation, the listed subsidiary of solar development company Solar Philippines, announced on Monday (June 20) that it has submitted contracts to sign up for 10 GW of projects.
The offers, which are equivalent to 9 TWh of contracted annual generation capacity, are pending approval by offtakers and regulators, SPNEC said in an exchange filing.
As announced in January, SPNEC plans to exchange shares in certain assets with its parent company in order to achieve its goal of developing 10 GW of solar projects. In addition to the planned 500MW Nueva Ecija solar power plant, the newly submitted offer relates to the development of that particular asset-for-share package.
The largest project is the installation of 3.5 GW of solar panels and 4.5 GWh of battery storage by Terra solar Philippines Inc, a joint venture with Prime Infra. The solar+storage complex is planned to supply power to Manila Electricity Corporation (also known as Meralco) from the 850 MW portion of its total capacity. In addition, Solar Batangas Base Load Philippines Inc is developing a solar project of up to 2 GW with storage capacity.
SPNEC noted that these and other entities are eligible bidders for the Department of Energy's (DOE) Green Energy Auction Program for 2 GW. The winning bids are expected to be announced by June 24.
Leandro Leviste, founder of Solar Philippines, said, "While we are unable to comment on our project due to the ongoing contract process, we look forward to sharing more details in the coming days to better understand SPNEC's position following the asset swap. "