Philippines' SPNEC begins structure 500-MWp solar project at home

• Solar Philippines Nueva Ecija Corporation (PSE: SPNEC) introduced over the weekend break that it has actually started building and construction of its 500-MWp Nueva Ecija solar farm in the name province in Central Luzon, Philippines.

As previously revealed, the Philippine solar power designer will utilize a section of the profits from its current PHP-2.7-billion (USD 53.7 m/EUR 47.5 m) going public (IPO) to money the installment of the first 50-MWp sub-phase of the project. The remainder of the funds would go towards building the interconnection for the full 500 MWp and land procurement to broaden the Nueva Ecija plant beyond that.

The initial 50-MWp solar farm is slated to browse the web by the end of 2022, SPNEC claimed. The installment as well as appointing of the 2nd 175-MWp sub-phase and the staying phases will certainly adhere to successively.

SPNEC has actually been creating the Nueva Ecija scheme at the site given that 2016. The business claimed recently that it intends to establish a 1000-hectare (2,471 acres) development of the project for a joint venture with a partner.

The presence of a significant solar farm in Nueva Ecija province, where demand for power is restricted, will certainly justify the construction of new transmission lines leading towards the Greater Manila Area, SPNEC then described.

SPNEC is a stock market detailed subsidiary of solar projects designer Solar Philippines.