SPNEC eyes building 'world's largest solar farm'

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Metro Manila (CNN Philippines, August 17) — Publicly listed Solar Philippines Nueva Ecija Corporation (SPNEC) is preparing funds to support its acquisition of massive land areas in Central Luzon for its plan to build the "world's largest solar farm," the company said Wednesday.

In a statement, SPNEC said it is allocating proceeds from its various capital raises to secure at least 2,500 hectares of land in the provinces of Nueva Ecija and Bulacan for its planned 3.5-gigawatt solar farm.

The facility would complement SPNEC's 500-megawatt (MW) solar project located in the same area.

Once operational, the combined capacity of the solar facility, pegged at 4 gigawatts, will beat India's Bhadla Solar Farm, currently the largest solar park in the global market.

"Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm," said Solar Philippines founder Leandro Leviste.

SPNEC said it has been consolidating land and permits for the ambitious project since 2016.

"By the end of this year, our planned share issuances should result in the consolidation of ingredients that would enable SPNEC to expand its flagship project to be the world's largest solar farm," he added.

These share issuances include the company's asset-for-share swap, through which SPNEC would acquire shares of Solar Philippines in a portfolio of projects.

They also include the company's stock rights offering.

SPNEC earlier said it was in talks with investors for private placements to complete its share issuances planned in light of its asset-for-share swap.