SP New Energy Corp. (SPNEC) is seeking a new location for its 280-megawatt (MW) solar power project in Santa Rosa, Nueva Ecija.
鈥淲e鈥檙e looking at possible replacement at the same capacity but maybe different location,鈥 SPNEC President and Chief Executive Officer Emmanuel V. Rubio told reporters last week.
In a regulatory filing last month, SPNEC said that it had asked the Department of Energy (DoE) to terminate the award of the project it won during the first round of Green Energy Auction (GEA) in 2022.
Mr. Rubio said that the company鈥檚 request for termination mainly stemmed from transmission constraints.
Formerly Solar Philippines Nueva Ecija Corp., SPNEC鈥檚 primary purpose is to construct, operate, and maintain power-generating plants and related facilities for renewable energy.
鈥淲e鈥檙e drafting now actually a reply looking for a legal basis really to stand firm, but we鈥檙e willing to actually replace the capacity in other areas where we can actually evacuate the energy,鈥 Mr.鈥塕ubio said.
He said that the company will ask the DoE if it can consider 鈥渁 certain level of repricing鈥 and that it is willing to accept 鈥渟ome concessions on the penalties but not the bond.鈥
Under the terms of reference for GEA-1, the performance bond guarantees the winning bidder鈥檚 faithful performance under the GEA program guidelines and related agreements.
Based on data from the DoE as of end-June, the solar power project is targeted for commercial operation by 2025.
SPNEC, through its subsidiary Terra Solar Philippines, Inc., is currently developing a power project consisting of a 3,500-MW solar power plant and a 4,000-megawatt-hour energy storage system.
The company recently announced the $600-million (approximately P34 billion) investment made by UK-based investment firm Actis in Terra Solar, representing 40% stake upon closing.
The first phase of the project is scheduled to be delivered by 2026, while Phase 2 is targeted for 2027.
SPNEC is controlled by the Pangilinan group through MGen Renewable Energy, Inc., a subsidiary of Meralco PowerGen Corp., which is the power generation arm of Manila Electric Co. (Meralco).
Meralco鈥檚 controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
Hasting Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in 大象传媒 through the Philippine Star Group, which it controls. 鈥 Sheldeen Joy Talavera
