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Manila Bulletin devider Business devider The Stock Market devider SPNEC secures 4,000 hectares for solar farms

SPNEC secures 4,000 hectares for solar farms

Published Aug 2, 2023 07:58 am
SP New Energy Corporation (SPNEC) and its subsidiaries have secured over 4,000 hectares of land, mostly in the provinces of Nueva Ecija, Bulacan, Tarlac, and Batangas. In a statement, the firm said over 3,000 hectares of these have been secured through deeds of sale or contracts to sell and over 1,000 hectares through contracts to lease.
Since 2016, Solar Philippines has been operating the Calatagan 63 MW Solar Farm, which is now among the assets owned by SPNEC.

Over 2,000 hectares have already been approved for conversion to industrial use. SPNEC has been growing its assets as part of its consolidation of projects of Solar Philippines Power Project Holdings, Inc. (SP) “We thank all who have helped us grow SPNEC’s assets, from its initial 352 hectares, to over 4000 hectares, and from a single project, to a portfolio of projects operating, under construction, and under development,” Solar Philippines founder Leandro Leviste said. He added that, “it is time for us to build upon what we have so far, and work on turning these hectares into megawatts.” On May 15, 2023, SPNEC entered into a contract to acquire the shares of SP in various entities using the proceeds of SP’s subscription of 24.37 billion shares of SPNEC. This was enabled by the approval by the Securities and Exchange Commission of SPNEC’s increase in authorized capital stock on June 1, 2023. With these completed, SPNEC’s assets now include over 400 MW of projects operating or under construction and over 4000 hectares. SP is also transferring to SPNEC contracts and permits to support its projects, some of which it has been developing since 2016. SP is preparing various share sales to support these developments and increase its public float.
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