SPNEC starts work on ₱200-B solar project

[Mike J]

Impressive indeed.

https://www.cnnphilippines.com/business/2024/1/1/spnec-terra-solar.html

Metro Manila (CNN Philippines, January 1) — SP New Energy Corporation (SPNEC), now backed by tycoon Manuel V. Pangilinan, has broken ground for Terra Solar, its ₱200-billion solar energy farm, dubbed to be the “world’s largest solar project.”

In a statement on Monday, SPNEC said it has started clearing the site, which will cover about 3,500 hectares in Nueva Ecija and Bulacan.

Once operational, SPNEC said that Terra Solar would be “larger” than India’s Bhadla Solar Park and China’s Golmud Solar Park.

The first phase of the project is expected to be completed by early 2026.

“To meet this timeline, SPNEC is expediting its site clearing activities ahead of the construction of the project’s interconnection facilities with the national grid and the installation of over 5 million solar panels,” it said.

Designed to be equipped with 3500 MW (megawatt) of solar panels and 4000 MWh (megawatt hour) of battery storage, the massive project will have the capacity to generate over 5 billion kilowatt-hours annually. This would also translate to an estimated 5% of the total volume of the Philippine grid and 12% of its total demand.

Last week, the company disclosed Pangilinan would hold the group’s top posts after the latter’s renewable energy development firm MGreen completed its ₱15.9-billion investment in SPNEC.

SPNEC said the funds would help finance the solar project.

[Lee]

IMO, another green energy boondoggle.

Solar power generation only works when the sun is shining. Electrical battery storage only works when it's maintained.

 

Edited January 2 by Lee
clarification

[GeoffH]

46 minutes ago, Lee said:

Solar power generation only works when the sun is shining.

Electrical battery storage only works when it's maintained.

Solar panels generate power when it's cloudy, even when it's overcast, however they generate less watts per panel.

Any form of energy storage only works when it's 'maintained'... personally I prefer pumped hydro to battery storage though (still needs maintenance).

Pumped hydro works at night, when there is spare hydro power being generated (that would otherwise be wasted) and that surplus is used to pump water back up to a higher storage reservoir.

Then during the day you've got access to additional water flow (without impacting environmentally necessary levels of river flow) allowing for both a healthy river system so farmers can irrigate, fish can be grown and caught and you get extra electric generation capacity.

 

Edited January 2 by GeoffH

[scott h]

12 hours ago, Mike J said:

will cover about 3,500 hectares

I would love to know more about the location and land acquisition for this project.

IAW the land reform from the 87 people power revolution, the government broke up all the haciendas and gave 1-2 hectares to peasant farmers. Large corporations cannot get into farming due to the political climate. But large corporations WILL make money one way or the other. My guess is that this corporation bought up over the years all these small plots and now will cover it with solar panels. Meanwhile the Phil. has to import rice.

I have absolutely no proof of this, just logic based on 10 years of observation.

[fillipino_wannabe]

I wouldn't believe much of what they say. I nearly bought their IPO 2 years ago. They were supposed to use the funds to build a solar plant that would start operating by the end of 2022 but then he used most of the money to start buying up his own companies instead lol.

Here's from the IPO prospectus:

'As of the date of this Prospectus, the Company has not yet started commercial operations and therefore has no products or services which contributes to sales or revenues. Phase 1 is planned to be commissioned in late 2022. The Company plans to undertake its solar power projects using a mix of debt and equity. For the purposes of this Offer, the Company is allocating [₱1,003] million to fund the construction and development of the 50 MWdc Phase and approximately [₱200 million] to construct 10-km 230kV transmission line. The remaining [₱3,649 million] programmed to complete the funding requirements of the construction and development of Phase 1 (practically Phase 1B) shall be funded by debt financing'

Here's what actually happened:
 

'SPNEC has finalized the acquisition of Solar Philippines Tarlac Corporation and Solar Philippines Rooftop Corporation through the signing of a deed of absolute sale. These two entities collectively possess operational solar power plants with a capacity exceeding 100 MW, as well as an additional 50 MW currently in the construction phase.

The shares acquired by SPNEC pertain to the following entities:

 

1. Solar Philippines Calatagan Corporation
2. Solar Philippines Tarlac Corporation
3. Terra Solar Philippines, Inc.
4. Solar Philippines Batangas Baseload Corporation
5. Solar Philippines Tarlac Baseload Corporation
6. Solar Philippines Central Luzon Corporation
7. Solar Philippines South Luzon Corporation
8. Solar Philippines Southern Tagalog Corporation
9. Solar Philippines Eastern Corporation
10. Solar Philippines Western Corporation
11. Solar Philippines Visayas Corporation
12. Solar Philippines Central Visayas Corporation
13. Solar Philippines Southern Mindanao Corporation
14. Solar Philippines Batangas Corporation
15. Solar Philippines Retail Electricity, Inc.
16. Laguna Solar Rooftop Corporation
17. Solar Philippines Rooftop Corporation'

[Possum]

One red flag is a "tycoon" borrowing money  from investors to build a solar project. Why would a tycoon do such a thing if it was a sure money maker? Buying PR for BS does not impress me.