SP NEW ENERGY Corp. through its unit is fast-tracking site-clearing activities for the construction of its P200-billion Terra Solar project.
“Work has begun on clearing the site, which will eventually cover approximately 3,500 hectares in Nueva Ecija and Bulacan,” the company said in a statement at the weekend.
The site-clearing activities are conducted ahead of the construction of the project’s interconnection facilities with the national grid and the installation of more than five million solar panels.
The Terra Solar project will house 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage system. It is expected to generate more than 5 billion kilowatt-hours of electricity yearly.
The total investment for the project is estimated at P200 billion.
SP New Energy last month said it had bought the entire stake of Prime Infrastructure, Inc. in a joint venture company, Terra Solar Philippines, Inc. for P6 billion.
In October, MGen Renewable Energy, Inc. (MGreen) took over SP New Energy with a P15.9-billion investment. MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly owned unit of Manila Electric Co.
SP New Energy last week said MGreen had completed the acquisition by paying the balance of P8.89 billion.
MGreen will own 15.7 billion common shares and 19.4 billion preferred shares in SP New Energy, for a total voting interest of 50.5%.
SP New Energy posted an attributable net loss of P49.73 million in the third quarter. — S.J. Talavera
