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Solar Philippines

Full company profile

uuid003ax65

Namestring
Solar Philippines
Websiteurl
solarphilippines.ph
Company typeenum
Private
Founded yearint
2013
Descriptiontext

Solar Philippines is a Philippine renewable energy developer founded in 2013 and headquartered in Makati, operating across solar farm development, battery storage integration, and electricity generation. The company operates through multiple subsidiaries, most notably SP New Energy Corporation (SPNEC), which is developing the 3.5 GW Terra Solar complex positioned as the world's largest solar-plus-battery storage project, and Solar Para Sa Bayan Corporation (SPBC), which holds a 25-year legislative franchise granted in 2019 for electrification of underserved communities. The company also operates Solar Philippines Power Project Holdings for power generation projects.

The business model centers on long-term power supply contracts secured through Department of Energy auctions and legislative franchises, with energy generation and offtake structured as recurring contracted revenue. Go-to-market is enterprise/government-led: the company participates in DOE green energy auctions, secures legislative franchises, and partners with major utilities. In October 2025, Meralco, the Philippines' largest electricity distributor, acquired over 57% of SPNEC for approximately PHP 13.76 billion, effectively making SPNEC a strategic subsidiary of Meralco while Solar Philippines retains the rest of the group.

Solar Philippines has faced severe regulatory setbacks: the DOE canceled 33 of its 42 power supply contracts and imposed a P24 billion fine for failure to deliver on commitments; Solar Philippines Power Project Holdings received a separate P24 billion fine with 28 contracts totaling 12,000 MW canceled; and a criminal complaint was filed against founder Rep. Leandro Antonio Leviste for franchise violations. The flagship Terra Solar project remains in development rather than commercial operation, and the company's contracted revenue base has thinned substantially even as capital backing from Meralco has strengthened.

Short descriptiontext

Solar Philippines is a Philippine renewable energy developer founded in 2013, operating through subsidiaries that build utility-scale solar and battery storage projects (including the 3.5 GW Terra Solar complex), sell electricity under government power supply contracts, and serve utilities and underserved communities.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
1,001–5,000
akta.pro rankint
HeadquartersMakati, Philippines
HQ citystring
Makati
HQ countrystring
Philippines
HQ regionstring
Asia
Markets served

Serves global market

Keyword5 values
solar energy generation, renewable energy development, utility-scale solar farms, battery storage projects, power supply contracts
Industry1 code
1Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System)
CodeEUAMABABPrimaryYes
NAICS code1 code
  • Solar Electric Power Generation221114
SIC code1 code
  • Electric Services4911
Product category
Solar Power Generation
GTM motion2 records

Each record includes

Type, Description, Source

Revenue model2 records
1Power Supply Contracts
TypeSubscription Recurring
Description

Solar Philippines generates revenue through long-term power supply contracts secured via government auctions and legislative franchises. The company develops solar energy projects and sells electricity under contracted agreements.

bloomberg.com
2Asset Monetization
TypeOne Time License
Description

The company has monetized assets through equity transactions, including the sale of SP New Energy Corp shares to Meralco for PHP 13.76 billion.

pv-magazine.com
Marketing channels1 record

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components6 values
Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Others
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Solar Philippines develops and operates utility-scale solar farms with integrated battery storage, generating electricity under long-term power supply contracts secured via government auctions and legislative franchises. Its flagship is the 3.5 GW Terra Solar complex, positioned as the world's largest solar-plus-battery storage project, developed through subsidiary SP New Energy Corporation (SPNEC).

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 value
  • Philippines renewable energy market growth from 14.45 GW (2026) to 34.37 GW (2031)
Product overview1 text field

Solar Philippines operates as a renewable energy developer with multiple subsidiaries developing large-scale solar projects. The company is primarily known for the Terra Solar Complex, a 3.5 GW solar-plus-battery storage project being developed through SP New Energy Corporation (SPNEC), in which Meralco holds a majority stake exceeding 57%. The company also operates Solar Para Sa Bayan Corporation (SPBC), which was granted a franchise for electrification projects but has faced regulatory issues. The product portfolio centers on utility-scale solar energy generation and battery storage solutions targeting the Philippines' growing renewable energy market.

Product and service2 records
1Terra Solar Complex
CategoryUtility-scale solar generation
2Solar Para Sa Bayan (SPBC) Electrification Franchise
CategoryDistributed/community electrification
Scale indicator7 records

Each record includes

Type, Value, Description, Source

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses1 record

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers1 record

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment2 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature1 record

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles1 record

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries3 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Solar Philippines

Solar Power Generationsolarphilippines.ph

Solar Philippines is a Philippine renewable energy developer founded in 2013, operating through subsidiaries that build utility-scale solar and battery storage projects (including the 3.5 GW Terra Solar complex), sell electricity under government power supply contracts, and serve utilities and underserved communities.

What Solar Philippines does

Solar Philippines is a Philippine renewable energy developer founded in 2013 and headquartered in Makati, operating across solar farm development, battery storage integration, and electricity generation. The company operates through multiple subsidiaries, most notably SP New Energy Corporation (SPNEC), which is developing the 3.5 GW Terra Solar complex positioned as the world's largest solar-plus-battery storage project, and Solar Para Sa Bayan Corporation (SPBC), which holds a 25-year legislative franchise granted in 2019 for electrification of underserved communities. The company also operates Solar Philippines Power Project Holdings for power generation projects.

The business model centers on long-term power supply contracts secured through Department of Energy auctions and legislative franchises, with energy generation and offtake structured as recurring contracted revenue. Go-to-market is enterprise/government-led: the company participates in DOE green energy auctions, secures legislative franchises, and partners with major utilities. In October 2025, Meralco, the Philippines' largest electricity distributor, acquired over 57% of SPNEC for approximately PHP 13.76 billion, effectively making SPNEC a strategic subsidiary of Meralco while Solar Philippines retains the rest of the group.

Solar Philippines has faced severe regulatory setbacks: the DOE canceled 33 of its 42 power supply contracts and imposed a P24 billion fine for failure to deliver on commitments; Solar Philippines Power Project Holdings received a separate P24 billion fine with 28 contracts totaling 12,000 MW canceled; and a criminal complaint was filed against founder Rep. Leandro Antonio Leviste for franchise violations. The flagship Terra Solar project remains in development rather than commercial operation, and the company's contracted revenue base has thinned substantially even as capital backing from Meralco has strengthened.

Solar Philippines firmographics

Firmographics
Name
Solar Philippines
Website
https://solarphilippines.ph
Company type
Private
Founded year
2013
Operating status
Operating
Headcount range
1,001–5,000 employees
Short description
Solar Philippines is a Philippine renewable energy developer founded in 2013, operating through subsidiaries that build utility-scale solar and battery storage projects (including the 3.5 GW Terra Solar complex), sell electricity under government power supply contracts, and serve utilities and underserved communities.
Ownership category
akta.pro rank

Solar Philippines industry classification

Industry
Product category
Solar Power Generation
NAICS
Solar Electric Power Generation (221114)
SIC
Electric Services (4911)
akta.pro primary industry
Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

Keywords

  • Solar energy generation
  • Renewable energy development
  • Utility-scale solar farms
  • Battery storage projects
  • Power supply contracts

Where Solar Philippines is headquartered

Location

Headquarters

HQ city
Makati
HQ country
Philippines
HQ region
Asia

Markets served

Solar Philippines business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Others

Revenue model

  1. Power Supply Contracts: Solar Philippines generates revenue through long-term power supply contracts secured via government auctions and legislative franchises. The company develops solar energy projects and sells electricity under contracted agreements.
  2. Asset Monetization: The company has monetized assets through equity transactions, including the sale of SP New Energy Corp shares to Meralco for PHP 13.76 billion.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Solar Philippines product offering

Product offering

Core offering

Solar Philippines develops and operates utility-scale solar farms with integrated battery storage, generating electricity under long-term power supply contracts secured via government auctions and legislative franchises. Its flagship is the 3.5 GW Terra Solar complex, positioned as the world's largest solar-plus-battery storage project, developed through subsidiary SP New Energy Corporation (SPNEC).

Product overview

Solar Philippines operates as a renewable energy developer with multiple subsidiaries developing large-scale solar projects. The company is primarily known for the Terra Solar Complex, a 3.5 GW solar-plus-battery storage project being developed through SP New Energy Corporation (SPNEC), in which Meralco holds a majority stake exceeding 57%. The company also operates Solar Para Sa Bayan Corporation (SPBC), which was granted a franchise for electrification projects but has faced regulatory issues. The product portfolio centers on utility-scale solar energy generation and battery storage solutions targeting the Philippines' growing renewable energy market.

Differentiator

Problem solved

Functional benefit

Products and services

  • Terra Solar Complex
  • Solar Para Sa Bayan (SPBC) Electrification Franchise

Quantifiable outcome

  • Philippines renewable energy market growth from 14.45 GW (2026) to 34.37 GW (2031)

Companies that use Solar Philippines

Customer profile

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Solar Philippines technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

Solar Philippines partnerships and signals

Strategic signal

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Solar Philippines competitors and assessment

Company assessment

Market position

Strengths4 records

Weaknesses1 record

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Solar Philippines social profiles

Digital presence

Solar Philippines financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Solar Philippines leadership team

Management profile

Number of profiles

Profiles1 record

Solar Philippines subsidiaries and ownership

Company hierarchy

Subsidiaries3 records

Solar Philippines funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Solar Philippines M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solar Philippines

What does Solar Philippines do?

Solar Philippines develops and operates utility-scale solar farms with integrated battery storage, generating electricity under long-term power supply contracts secured via government auctions and legislative franchises. Its flagship is the 3.5 GW Terra Solar complex, positioned as the world's largest solar-plus-battery storage project, developed through subsidiary SP New Energy Corporation (SPNEC).

Is Solar Philippines a public or private company?

Solar Philippines is a private company. It is classified as corporate owned and is currently operating.

When was Solar Philippines founded?

Solar Philippines was founded in 2013. It employs 1,001 to 5,000 people.

Where is Solar Philippines based?

Solar Philippines is headquartered in Makati, Philippines, in the Asia region.

How does Solar Philippines make money?

Two revenue lines are on record. Power Supply Contracts are the primary driver. The others are asset Monetization.

Does Solar Philippines have an API?

No public API is recorded for Solar Philippines.

What industry is Solar Philippines in?

Solar Philippines's product category is Solar Power Generation. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System). Its NAICS code is 221114 and its SIC code is 4911.

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Live signals
InquirerLeviste’s Solar Philippines further cuts stake in SPNEC, raises P3BSolar Philippines Power Project Holdings Inc. sold 2.4 billion shares at P1.25 each, raising P3 billion and cutting its stake in SPNEC to 11.51 percent. The buyer was not disclosed, and Meralco PowerGen Corp. previously held 57.33 percent.RAPPLERDOE: Only 0.3% collected from P24 billion in penalties vs Leviste’s Solar PhilippinesThe Philippine government has collected only P80 million, about 0.3%, of the P24 billion in obligations and penalties from Solar Philippines, Energy Secretary Sharon Garin said. The remaining amount includes P14 billion in expired performance bonds, with civil and criminal cases pursued. The DOE terminated dozens of contracts, representing over 11,000 MW.AInvestPhilippines becomes world’s top solar spender amid Middle East energy crisis - SCMPThe Philippines has emerged as a leading market for solar energy investment, with renewable energy developers attracting significant capital amid global energy volatility, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA). Listed companies such as ACEN Corporation, Citicore Energy REIT Corp. (CREIT), and Solar Philippines have demonstrated strong investor confidence, with valuations ranging from P102–137 million per MW that far exceed those of traditional utilities like First Gen Corporation and Aboitiz Power. As the Middle East and other regions face energy supply disruptions, the Philippines' commitment to solar and renewables positions it as a key player in the global energy transition.The Manila Times​DOJ evaluates complaint against LevisteThe DOJ is evaluating a criminal complaint filed by Energy Secretary Sharon Garin against Rep. Leandro Antonio Leviste and officials of Solar Para Sa Bayan Corp. (SPBC), alleging violations of the Public Service Act due to the company's failure to implement mandated electrification projects under its 25-year legislative franchise granted in 2019. The Department of Energy records reportedly show no permit applications, licenses, or regulatory approvals submitted by SPBC, and no reportorial compliance under relevant energy laws. A related company, Solar Philippines Power Project Holdings, was separately fined P24 billion and had 28 power supply contracts totaling 12,000 megawatts canceled by the DOE.The Manila TimesDOJ: Complaint vs Leviste, solar power firm executives still under evaluationThe Philippine Department of Justice said a criminal complaint filed by Energy Secretary Sharon Garin against Rep. Leandro Antonio Leviste and officials of Solar Para Sa Bayan Corporation has not yet been docketed and remains under evaluation to determine whether evidence is sufficient for preliminary investigation. The complaint alleges SPBC violated the Public Service Act and Republic Act 11357 by failing to implement mandated electrification projects for remote and underserved communities despite being granted a 25-year franchise in 2019. The DOE found no record of SPBC applications for permits, licenses, or regulatory approvals, except for one application related to a solar project in Occidental Mindoro that was never implemented.The Business TimesKilling ‘zombie’ projects: Philippines bets big on offshore windThe Philippines' Department of Energy (DOE) has launched its fifth green energy auction, focusing on offshore wind projects with a target of 3.3 MW, as part of its plan to source up to 25 GW of renewable energy capacity over the next decade. The DOE imposed a 24 billion peso (US$400.8 million) fine on Solar Philippines for failing to deliver projects awarded under the first auction in 2022, cancelling 163 non-performing service contracts deemed "zombie projects." The new auction introduces stricter requirements, including mandatory predevelopment work, grid connection studies, and yearly progress reporting, aiming to attract "mature" investors with demonstrated experience and realistic project plans for this pioneering offshore wind initiative.Tech in AsiaKilling ‘zombie’ projects: PH bets big on offshore windThe Philippines' Department of Energy fined former Solar Philippines CEO Leandro Leviste 24 billion pesos (US$400.8 million) in January 2025 for failing to establish renewable energy projects committed under the country's first green energy auction program in 2022. Solar Philippines had won 93% of awarded solar projects in that auction but never realized the capacity, with the firm ultimately sold in 2023 after blaming permit difficulties; the DOE subsequently canceled 163 service contracts totaling 17.9 MW of capacity it described as "zombie projects." The government is now proceeding with five more auctions through 2035 aimed at increasing renewable energy share from 25% to 35% by 2030, with improved measures to prevent project cancellations.BloombergRenewable Energy Contracts for Sale Fuel Philippines CrackdownThe Philippines Department of Energy terminated agreements for nearly 18 gigawatts of solar, wind and other clean-power projects, according to Energy Secretary Sharon Garin, as many prospective investors had no plans of building them and were waiting to sell the contracts for profit. Solar Philippines, which had 33 of its 42 contracts canceled, was the primary company affected after failing to deliver on commitments and update the agency on project status despite repeated calls. The government stated it will hold an investment forum to auction new contracts, with over 130 gigawatts of renewable energy projects still remaining in the pipeline.Simply Wall StPhilippines Renewable Boom Promises Investment and InnovationThe Philippines renewable energy market is projected to grow from 14.45 gigawatts in 2026 to 34.37 gigawatts by 2031, driven by policy mandates, declining solar and wind costs, and a moratorium on new coal plants. Key developments include ACEN's 600 MW solar farm and Solar Philippines' 3.5 GW Terra Solar complex, which are attracting significant capital and first-mover advantages. Challenges such as grid congestion and transmission delays remain, but regulatory improvements continue to enhance the market environment for renewable investments.Simply Wall StThis Week In Energy Transition - Philippines Renewable Boom Promises Investment and InnovationThe Philippines Renewable Energy Market is projected to grow from 14.45 gigawatts in 2026 to 34.37 gigawatts by 2031, driven by policy mandates, declining solar and wind costs, and a moratorium on new coal plants. Key developments include ACEN's 600 MW solar farm and Solar Philippines' 3.5 GW Terra Solar complex, which are attracting significant capital investment and first-mover advantages. Challenges such as grid congestion and transmission delays remain, though regulatory improvements continue to enhance the market environment for renewable investments.