SP New Energy Corp. (SPNEC) said 90 percent of the world’s largest solar project pursued by Terra Solar Philippines Inc. should be complete by the end of the month.
This developed as the company introduced its foreign partner at the P200-billion solar farm under construction in Nueva Ecija and Bulacan, seen producing 3,500 megawatts (MW) from solar panels and 4,000 megawatt-hours of battery energy storage, in Pasig City.
“I would say it’s 60 to 67 percent complete already. I mean, it’s also the arrangement, the contractual arrangement. I think by the end of September it’s going to be 80 to 90 percent complete,” Manuel V. Pangilinan, SPNEC chairman, told reporters at the sidelines of the event.
SPNEC has tapped UK-based private equity firm Actis which has invested P600 million for a 40 percent stake in Terra Solar.
The company said investment banks Morgan Stanley and UBS ran a search for SPNEC partners that attracted the interest of 81 global investors.
Pangilinan said Actis is keen on acquiring a stake no lower than 60 percent and will likely be their only partner.
The company also said 75 percent of project cost will come in the form of debt while the remaining 25 percent will be equity from SPNEC and Actis.
Pangilinan said the business has a short list of engineering, procurement and construction (EPC) contractors for the transmission phase of the project that includes Fujian Engineering and Meralco Industrial Engineering Services Corp.
Earlier, Emmanuel Rubio, SPNEC president and chief executive officer, said the award of EPC contracts for both transmission and photovoltaic segments of the project are seen completed in December this year and January 2025.
Rubio also said the first phase of Terra Solar is seen completed in 2026 and the second phase by 2027.
