Solar Philippines starts construction of SE Asia’s biggest solar plant
SOLAR Philippines Nueva Ecija Corp. (SPNEC) has started the construction of the first phase of what is seen to be the largest solar project in Southeast Asia.
The company told the stock exchange on Monday the proceeds of its P2.7 billion IPO will be used to construct the first 50 MW and the interconnection facilities for the full 500 MW project as well as to acquire the land for further expansion.
SPNEC said the first 50 MW is expected to begin contributing power to the grid by the end of 2022.
The project, to be installed in Peñaranda, a fourth class municipality in Nueva Ecija, is expected to create over 5,000 jobs during construction and over 500 jobs once operational, the company said.
According to SPNEC, the Department of Energy envisions to source 35 percent of the country’s energy from renewable sources by 2030, which means there is a need to build over 20,000 MW of solar power moving forward.
Source: Sun Star Cebu