CONCEPCION, Tarlac (May 1, 2026) — The solar landscape of Tarlac is about to get a lot brighter, and this town is right at the heart of it.
Tycoon Manuel Pangilinan’s SP New Energy Corp. (SPNEC) has officially secured a P3.78-billion loan from the Philippine National Bank (PNB). This fresh capital is earmarked specifically for the expansion of its solar operations within Tarlac, solidifying the province’s position as a renewable energy hub.
According to a regulatory filing released this week, the board of directors at SPNEC greenlit the credit facility for its subsidiary, Solar Philippines Tarlac Corp. (SPTC). The primary mission for this multi-billion peso boost is to scale up SPTC’s existing solar power plant and refinance current loans to snag more favorable rates.
The company plans to take its 85-megawatt-alternating current Tarlac 1A facility, located right in the municipality, and bolster it by an additional 31 MWac.
As part of the term loan agreement, the board authorized a security interest over SPNEC shares in SPTC. Furthermore, SPNEC will act as a sponsor for a standby letter of credit intended for a debt service reserve account, a move designed to guarantee that loan payments remain covered and the project stays on track.
This Tarlac-centric development follows a massive P150-billion omnibus loan signed earlier this year by SPNEC with a consortium of major banks, including PNB, BDO, BPI, Security Bank, China Bank, and Metrobank. While that record-breaking 15-year deal focuses on the MTerra Solar project across Nueva Ecija and Bulacan, this latest P3.78-billion move ensures that Tarlac remains a frontrunner in the country’s shift toward a greener grid.
