Solar Philippines Nueva Ecija preparing bid bonds towards 10 GW goal

Nickel Shell
Photo by American Public Power Association on Unsplash

Solar Philippines Nueva Ecija Corporation (SPNEC) is making preparations to satisfy the requirements of potential off-takers for its 10 GW of developments.

“While we are constrained from commenting on specific procurement processes, we are giving this update that contracting is currently SPNEC’s top priority. Reflecting this is our allocating of resources towards bid bonds, as required to advance contracting processes,” said Solar Philippines founder Leandro Leviste.

On April 29 2022, SPNEC’s board approved transacting with banks to secure bid bonds for potential off-take agreements and confirmed the board’s prior approval for proceeds of SPNEC’s IPO to serve as collateral for this purpose, to enable the company to be responsive to contracting opportunities as they arise.

“We aim to secure contracts this year that would enable 10 GW of developments to be implemented over the coming years. While this is still the early part of a long journey, these power contracts may serve as a critical mass of demand, and prove our model for developing solar projects at this scale,” Leviste said.

SPNEC has disclosed that its primary model for securing power contracts is through partnerships, noting that solar projects of large scale would only be made possible by working with the country’s leading power companies.

Solar Philippines has reserved its 10 GW of planned projects pursuant to agreements with various companies to invest subject to certain milestones, with updates to be disclosed as milestones are achieved. –