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Manila Bulletin devider Business devider The Stock Market devider SPNEC profit surges to P5.7 B

SPNEC profit surges to P5.7 B

Published Apr 17, 2024 05:41 am

Renewable energy firm SP New Energy Corp. (SPNEC), now chaired by tycoon Manuel V. Pangilinan through the controlling stake of MGen Renewable Energy (MGreen), reported a net income of P5.7 billion in 2023 after gaining 100 percent ownership of Terra Solar Philippines.

Based on its disclosure to the Philippine Stock Exchange, SPNEC’s assets surged 825 percent valued at P51.2 billion as of December 31, 2023 from P5.8 billion as of December 31, 2022.

MVPcup_Manny Pangilinan thanks supporters and attendees at the MVP Cup 2024..jpg
SPNEC Chairman Manuel V. Pangilinan

SPNEC’s equity also rose to P42.4 billion as of December 31, 2023, up 730 percent from P5.8 billion in equity as of December 31, 2022.

This marks SPNEC’s first financial report following the entry of Pangilinan-led Manila Electric Co. (Meralco) in the company. The numbers reflect the growth resulting from Meralco’s investment in SPNEC, as it gears up to build the P200 billion Terra Solar project.

In December last year, MGreen completed its P15.9 billion investment resulting in a 50.5 percent voting interest in SPNEC. In January this year, MGreen also acquired 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.50 billion.

MGreen is a wholly-owned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco, the country's largest power distributor whose parent firm is the Pangilinan Group's Metro Pacific Investments Corporation.

SPNEC accelerates timetable for projects, SRO
Solar Philippines Founder Leandro Leviste

Solar Philippines, founded by businessman Leandro Leviste, continues to own 18.993 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.

SPNEC’s Terra Solar has been referred to as the world’s largest solar project, which is targeted to begin operations by 2026.

Terra Solar’s P200 billion solar developments in Nueva Ecija and Bulacan will consist of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery storage.

To support these developments, as of December 31, 2023, SPNEC has secured 3,431 hectares of land for development, comprising 2,976 hectares purchased and 454.9 hectares leased.

Aside from its developments around Nueva Ecija, SPNEC also owns and operates a 63 MW solar farm in Calatagan, Batangas and a 150 MW solar farm in Concepcion, Tarlac. For the full year 2023, these operating assets generated P1.1 billion in revenues.

Related Tags

Manila Electric Company Manuel V. Pangilinan SP New Energy Corporation Leandro L. Leviste MGen Renewable Energy Inc. (MGreen)
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