SP New Energy Corp. said Tuesday it is preparing more than 3,000 hectares land in Nueva Ecija and Bulacan for industrial land conversion this year, after securing off-take agreements for its solar projects.
SPNEC said in a disclosure to the stock exchange it fully secured the majority of its target lands. The documentation is ongoing to complete the acquisitions, in parallel to the submissions of the fully-secured lands for conversion to industrial use.
SPNEC said it aimed to complete the submissions for land conversion by the end of first quarter this year and convert over 3,000 hectares to industrial use by the fourth quarter of 2023.
“Converting over 3,000 hectares for industrial use is the most significant value driver for SPNEC, and we will provide further updates as we work to create value on this for our shareholders,” Solar Philippines founder Leandro Leviste said.