SPNEC to be renamed to SP New Energy Corporation

Published August 9, 2022, 4:53 PM

by Myrna M. Velasco

To integrate expanded renewable energy (RE) ventures into its corporate structure, Leviste-led Solar Philippines Nueva Ecija Corporation (SPNEC) is seeking green light from its board of directors, to have the company renamed to SP New Energy Corporation.

The new corporate name is still subject to approval by the company’s stockholders and government regulatory authorities.

SPNEC explained that “the change in name reflects the company’s expansion from a single project in Nueva Ecija, to a portfolio that includes operational projects and other developments, in support of its goal of completing the development of 10 gigawatts by 2025.”

Taking cue from that move then, the renewable energy firm indicated that it would be “reintroducing its business to the market over the coming weeks, including sharing new details on its portfolio, as well as advancing the assumption of certain projects ahead of the share swap.”

The company similarly divulged that its asset-for-share swap with Solar Philippines is already gaining traction; while SPNEC in particular, is moving ahead on its stock rights offering (SRO) – the offer period of which had been slated from August 30 to September 5 this year.

Solar Philippines founder Leandro Leviste said “we see these corporate actions as being about more than just our company, but the energy mix of our country,” as he also cited the continued support of SPNEC shareholders, as well as the advancing renewable energy transition of the Philippines.

The major projects currently pursued by Solar Philippines is its Terra Solar partnership with Prime Infrastructure Holdings Inc. of the Razon group – a venture which is currently under negotiations with power utility giant Manila Electric Company (Meralco) for the supply of 850-megawatt mid-merit capacity generated from solar plus battery energy storage installations.

The Leviste-led company also won recently roughly 1,800MW of capacity in the first round of green energy auction program (GEAP) carried out by the Department of Energy – or the bidding of RE capacity that shall form part of the compliance to the Renewable Portfolio Standards (RPS) policy instituted under the Renewable Energy Act.

Additionally, Solar Philippines has lodged an offer to Meralco – on ‘original proponent status’ basis – for the supply of 200MW baseload capacity that shall be sourced purely from integrated RE and battery storage facilities.

“Together with its Nueva Ecija solar project, these would potentially bring SPNEC’s contracted capacity to 8GW scheduled to commence operations mostly between 2025 to 2026, which it estimates would be 2/3 of the total contracted renewable energy capacity of the Philippines,” the company emphasized.