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Manuel Pangilinan-led SP New Energy Corp. (SPNEC) is “slightly ahead of schedule” in the construction of its massive P200-billion solar farm in Luzon, with progress rate now at 73 percent, according to a company executive.

“We still have a number of transmission land to secure. We’re close to actually finalizing, acquiring all the lots for phase one. Phase two is still ongoing,” Meralco PowerGen Corp. (MGen) president and chief executive Emmanuel Rubio told reporters in a recent briefing in Pasig City.

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SPNEC, which serves as MGen’s renewable energy vehicle, is spearheading the development of the Terra Solar project in Nueva Ecija and Bulacan, dubbed as the world’s largest solar farm once finished.

The first phase, which has a target capacity of 2,500 megawatts (MW), is eyed for completion in 2026. The second phase, with a capacity of 1,000 MW, may go online by 2027.

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The official took note of progress areas, including securing land control and right-of-way for transmission lines.

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In September, Pangilinan-led Manila Electric Co. (Meralco) sealed a P7.8-billion deal with Meralco Industrial Engineering Services Corporation for the construction of infrastructure needed to connect Terra Solar to the Luzon grid. The facility would include a main collector substation, two Solar PV (photovoltaic) satellite collector substations, and two double-circuit 230-kilovolt transmission lines.

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Rubio also said two companies would be tapped for phase one’s engineering, procurement and construction. Energy China already secured one contract.

“I will not disclose yet the second one because we’re still negotiating,” he said.

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SPNEC welcomed global investment firm Actis as its new partner earlier in September. Actis injected P34 billion into the solar development, equivalent to 40 percent in Terra Solar Philippines.

Meralco chair Manuel V. Pangilinan said at that time Actis would be their “only partner.”

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Rubio previously said more than 2.4 million households in the country could benefit once the facility is switched on.1xbet

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