I agree with @Kurt_Bremser , excel is not the right tool to handle large amount of data. If you still wish to go with it then I would suggest group the data with size (50k or so) & create excel with multiple sheets per group, so that each sheet will hold just 50k and not need to worry if you have large amount of data (This is not recommended way but a work around if you want to have large data in excel).
ods excel file='H:\SAS\test\groups.xlsx' ;
proc print data=mydata;
by group; /* create this variable to group records */
run;
ods excel close;
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