In time, the Philippines will have the largest solar farm in the world which would be fitting for its sun-drenched weather nearly all year round.
Levite-led SP New Energy Corp., secured over 2,000 hectares of land bank in Bulacan and Nueva Ecija for the project.
"We expect the updated tally to be reflected in our next quarterly report, from which our public shareholders should have a better appreciation of the assets in SPNEC," Solar Philippines founder Leandro Leviste said in a stock market report.
"Since our stock rights offering, we have prioritized the execution of the project that we see has the highest value. After we perfect the documentation for these hundreds of parcels and then conversion, this land would be ready for a solar project," he added.
Land banking steps up
The project's land bank acquisition was funded by proceeds from SPNEC's P2.8-billion SRO.
At over 2000 hectares, the properties secured by Solar Philippines could fit a project that would exceed the capacity of India's Bhadla Solar Farm, currently the world's largest solar farm at over 2.2 GW.
Once complete, the project will also exceed the capacity of the total grid-connected solar operating in the Philippines based on the figures reported by the Department of Energy as of August.
