SP NEW Energy Corp.’s (SPNEC) P200-billion Terra Solar project is likely to be accomplished barely ahead of schedule because it has already achieved a 73% progress rate, the corporate’s president said.
“When it comes to completion, the Terra Solar Project achieved 73% overall development,” SPNEC President and Chief Executive Officer Emmanuel V. Rubio said during a briefing on Monday.
SPNEC, through its unit Terra Solar Philippines, Inc. (TSPI), is developing a project in Nueva Ecija and Bulacan, which consists of a 3,500-megawatt solar energy plant and a 4,000-megawatt-hour energy storage system.
The project’s first phase is about to be accomplished by 2026, with the second phase targeted for 2027.
“Just barely ahead of schedule. We still have quite a few transmission lands to secure. We’re close to truly finalizing and acquiring all of the lots for Phase 1. Phase 2 remains to be ongoing,” Mr. Rubio said.
The project is predicted to generate greater than five billion kilowatt-hours of electricity annually.
Key progress areas include land control, which is 62% complete, and transmission line right-of-way, which can also be 62% complete, in line with Mr. Rubio.
The corporate has secured permits at 61%. Solar farm development has already attained a 96% progress rate, procurement of major equipment is at 95%, interconnecting development is at 90%, and photovoltaic site clearing is about 23% complete.
“We proceed to make significant strides in our low-carbon energy transition journey, highlighted by the progress made in our flagship project, Terra Solar,” Mr. Rubio said.
In September, SPNEC and its parent company, Manila Electric Co. (Meralco), formed a strategic partnership with global investment firm Actis, which incorporates a $600-million investment for a 40% equity stake in Terra Solar.
TSPI has partnered with Meralco Industrial Engineering Services Corp. to construct the infrastructure needed to attach the Terra Solar project to the grid.
The Terra Solar project was certified by the Energy department as an “energy project of national significance” and secured “green lane certification” from the Board of Investments, enabling it to profit from streamlined and expedited permit processing.
SPNEC is controlled by the Pangilinan group through MGen Renewable Energy, Inc., the renewable energy development arm of Meralco Power Gen Corp. The latter is a unit of Meralco.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Useful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
