MANILA - Solar Philippines Nueva Ecija Corp (SPNEC) has started the construction of the first phase of what could be the largest solar project in Southeast Asia.
The proceeds of its P2.7 billion IPO will be used to construct the first 50 MW and the interconnection facilities for the full 500 MW project as well as to acquire the land for further expansion, the company told the stock exchange on Monday.
SPNEC said the first 50 MW is expected to begin contributing power to the grid by the end of 2022.
The project, to be installed in Peñaranda, a 4th class municipality in Nueva Ecija, is expected to create over 5,000 jobs during construction and over 500 jobs once operational, the company said.
"The company is investing in training locals in solar panel installation, given the expected scale of projects in this area over the coming years," the statement said.
SPNEC said the Department of Energy envisions to source 35 percent of the country's energy from renewable sources by 2030, which means there is a need to build over 20,000 MW of solar power.
As of December 2020, the country has a total operating solar capacity of 1,021 MW.