SP New Energy Corp. (SPNEC), a unit of Manila Electric Co. (Meralco), could soon wrap up a deal to take in one or two foreign investors for its P200 billion Terra Solar project, said to be the largest solar farm in the world.
Tycoon Manuel V. Pangilinan, chair of SPNEC, said they are closing in on an August 15, 2024 bid submission target from “a very long list of investors.”
“By the end of August, the board will have to choose,” he said.
Pangilinan earlier said they were open to selling up to 40 percent of the project to two investors. But during the interview, he said they could decide to just go with one partner.
“At most two, most likely one,” he said.
Through Terra Solar, the group is developing a solar farm in Nueva Ecija and Bulacan with 3,500 megawatts and 4,000 megawatt-hours of battery storage. The first phase of 2,500 MW is set for completion by 2026.
Pangilinan noted that Meralco is interested in raising its controlling stake in SPNEC if a suitable opportunity arises.
“It’s a good project. It owns 100 percent of Terra Solar for now. It’s the largest single site solar facility in the world, and the Philippines should be proud of that. It’s a very complex, huge undertaking,” he said.
