After securing off-take agreements for its projects in 2022, Solar Philippines is preparing over
3000 hectares in Nueva Ecija and Bulacan for industrial land conversion in 2023.
SP New Energy Corporation (SPNEC) has already fully secured the majority of its target lands.

Documentation is now ongoing to complete its acquisitions, in parallel to the submissions of the
already fully secured lands for conversion to industrial use. SPNEC aims to complete the
submissions of these lands for conversion by the end of Q1 2023 and convert over 3000 hectares
to industrial use by the end of Q4 2023.

The largest project of Solar Philippines is under Terra Solar Philippines, Inc., a joint venture that
has a Power Supply Agreement with Meralco to supply 850 MW of mid-merit from a planned 3.5
GW solar, 4.5 GWh battery project, which may require land in provinces including Nueva Ecija
and Bulacan.

“Converting over 3000 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. Land
underpins an entire project, and our landbank in Nueva Ecija and Bulacan in particular is unique,
in terms of its scale and proximity to Manila,” Solar Philippines founder Leandro Leviste said.

At over 3000 hectares, SPNEC’s landbank in Nueva Ecija and Bulacan upon its completion would
be one of the largest industrial developments of any kind in the Philippines and larger than all the
solar projects operating in the Philippines to date combined.