SPNEC begins construction of 500MW solar power farm

Recently listed Solar Philippines Nueva Ecija Corporation (SPNEC) announced on Sunday that it was beginning construction of the first 50 megawatts (MW) of its planned 500MW Nueva Ecija solar power farm. The project is planned to be the largest solar project in Southeast Asia.

The company previously announced on Wednesday that it was preparing an initial 1,000 hectares of land for the planned expansion of its project via a joint venture with an unnamed partner.

SPNEC made history last December 17, 2021 when it debuted on the Philippine Stock Exchange (PSE), effectively making it the country’s first pure-play solar company. SPNEC offered 2,700,000,000 primary shares to the public at PhP1.00 per share in an offering that was reportedly two times oversubscribed.

SPNEC, led by 28-year-old CEO Leandro Leviste, is a new but warmly-received player in the young local renewable energy sector. Although it lacks the financial backing of Ayala-led AC Energy Corporation (ACEN), the company’s planned 500MW solar power project could cement its position in the industry for years to come. This comes especially after the Department of Energy (DOE) announced its target of having renewable energy constitute 35% of the Philippines’ total energy mix by 2030.

Nonetheless, despite the company’s very promising future prospects, SPNEC is still commercially unproven as it is yet to start commercial operations as of June 30, 2021.

SPNEC closed at PhP1.15 per share last December 24, 2021.

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