SP NEW Vitality Corp. (SPNEC) stated it seeks to initially begin business operations of its solar energy venture in Sta. Rosa, Nueva Ecija in northern Philippines by producing 50 megawatts (MW) of capability by the fourth quarter (This autumn) of 2025.
“Topic to the decision on the right-of-way points and completion of the road connecting the plant to the transmission grid, Section 1A is anticipated to attain business operations someday This autumn of 2025,” the corporate instructed Philippine Inventory Trade (PSE) on Thursday.
SPNEC is growing a two-phase 500-MW Sta. Rosa Nueva Ecija 2 Photo voltaic Energy venture (NE 2), the primary part of which could have a capability of 225 MW. It has sub-phases of Section 1A at 50 MW and Section 1B at 175 MW.
The second part entails a 275-MW solar energy plant.
The corporate stated the solar energy venture’s 50-MW sub-phase had been put in however was not but operational “as a consequence of delays within the development of the connection asset as a consequence of right-of-way challenges.”
“Pre-construction or growth work for the rest of the NE 2 venture has progressed considerably. Nevertheless, development works haven’t but began on account of grid constraints,” SPNEC stated.
Section 1A began development in December 2021, and the solar energy plant is 89.89% full as of end-December 2023.
SPNEC by means of unit Terra Photo voltaic Philippines, Inc., can also be constructing a venture consisting of a 3,500-MW photo voltaic farm and 4,500-megawatt-hour battery power storage system.
The primary part of the venture is scheduled to be completed by 2026, whereas the second part is focused for 2027.
SPNEC is now managed by the Pangilinan group by means of MGen Renewable Vitality, Inc., the renewable power growth arm of Meralco Energy Gen Corp. The latter is a unit of Manila Electrical Co. (Meralco).
Meralco’s controlling stakeholder, Beacon Electrical Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Helpful Belief Fund subsidiary MediaQuest Holdings, Inc., has an curiosity in BusinessWorld by means of the Philippine Star Group, which it controls. — Sheldeen Pleasure Talavera
