SPNEC taking foreign partner in P200-b project
By Alena Mae S. Flores – July 31, 2024, 7:40 pm
from manilastandard.net
SP New Energy Corp. (SPNEC) expects to take in a foreign joint venture partner in Terra Solar Philippines Inc. by the end of the month, a top executive said Wednesday.
SPNEC chairman Manuel Pangilinan said they received “very active” and “very keen” interest from a “long list of investors”.
“I think the actual bid date binding offer should be Aug. 15. So by the end of August, the board will have to choose a partner,” Pangilinan said.
“At most two, most likely one [investor],” Pangilinan said.
SPNEC, through Terra Solar is developing a 3,500-megawatt utility scale solar with 4,500-megawatthour battery energy storage system in Nueva Ecija and Bulacan costing P200 billion.
The project spans five municipalities and 11 barangay and has acquired 2,620.8 hectares of land, including 1,932.9 hectares for phase 1 and the rest for phase 2.
Terra Solar was expected to issue a limited notice to proceed to Meralco Industrial Engineering Services Corp. (Miescor) for the construction of the connection assets for the collector substation and transmission line by July 31, 2024.
The engineering, procurement and construction (EPC) contract for the 500-kV transmission line was expected to be signed by July 31, while bids for the EPC of the plant were being evaluated with notice of award targeted by Aug. 31, 2024.
SPNEC president Emmanuel Rubio said the Terra Solar project reached 54-percent progress in the project development phase as of the second week of July.
He said key progress areas include land control, preparation of photovoltaic lands which are now 49-percent complete and transmission line right-of-way with 34-percent progress.
“The Terra Solar Project remains on track for key milestones with significant progress anticipated in the coming months,” he said.
“We have received offers already for the transmission and we are reviewing and negotiating already with two shortlisted candidates and we received also the offers for EPC for the west phase and the east phase for the first phase of the project,” Rubio said.
Rubio said the Terra Solar project was expected to be completed in two phases, with phase 1 by 2026 and phase 2 by 2027.
“So looking forward, we anticipate for the progress in our efforts to low carbon transition as we continue to dedicate ourselves to providing more sustainable energy in the market, but still focus on making sure that the companies provided with stable and cost-effective power moving forward,” he said.
