While it may be painful in many aspects, the skyrocketing oil and coal prices due to the Russia-Ukraine conflict is an opportunity to accelerate the development of renewable energy (RE) projects locally, according to Solar Philippines Founder and CEO Leandro Leviste.

In the latest episode of Power Podcast, Leviste said that there is a lot to be optimistic about the prospects of solar energy. 

“Solar energy is a technology that is less affected by the global increase in commodity prices. So its relative competitiveness to other technologies has significantly increased over the past weeks,”  Leviste said. 

He added that while the company does not count on “positive tailwinds”, the weakening of fossil fuel coinciding with the accelerated push for “energy independence and the decarbonization of the energy mix” shows anticipation in the RE sector. 

Solar Philippines unit Solar Philippines Nueva Ecija Corporation (SPNEC) is looking to expand its portfolio to ten gigawatts (GW) by 2025 following its shareholders’ approval of its asset-for-share swap between the two firms. 

Once the asset-for-share swap is completed, SPNEC – the developer of the 500-megawatt “solar ranch” in Peñaranda, Nueva Ecija – will own shares in companies that hold 33 Solar Energy Service Contracts with the Department of Energy with an operational capacity of 169.36 megawatts. Simply said, according to Leviste, SPNEC will end up as the parent firm of Solar Philippines’ direct subsidiaries.

SPNEC is looking to raise Php 10 billion through a stock rights offering in order to buy land for the development of the 10GW in projects. 

Catch the full episode of Power Podcast with Solar Philippines Founder and CEO Leandro Leviste on YouTube, Spotify, Apple Podcasts, and Google Podcasts.