SP New Energy Corporation (SPNEC), under the leadership of MGen Renewable Energy Incorporation (MGreen), has announced plans to commence construction on the initial 2.5 GW phase of the Terra Solar Philippines Incoration (TSPI) project by the end of 2024 in the Philippines.
The 3.5 GW TSPI project is a significant undertaking for SPNEC and will incorporate a 4,500 MWh battery energy storage system (BESS).
Moreover, MGreen has expanded its clean energy portfolio by securing a deal in March 2024 to purchase a 40.2 per cent stake in the country’s largest liquefied natural gas (LNG) facility situated in Batangas. This investment encompasses two gas-fired power plants with a combined capacity of 2,598 MW – the Ilijan plant with 1,278 MW and a new 1,320 MW facility which are expected to commence operations by the end of 2024, pending regulatory approval. The agreement also includes an LNG import and regasification terminal.