SP New Energy Corporation Grows Renewable Energy Portfolio With 4000+ Hectares Acquisition

SP New Energy Corporation (SPNEC) and its subsidiaries have now secured over 4000 hectares, mostly in the provinces of Nueva Ecija, Bulacan, Tarlac, and Batangas.

Of these, over 3000 hectares have been secured through deeds of sale or contracts to sell and over 1000 hectares through contracts to lease. Over 2000 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)

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 24.37305 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.

“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. It is time for us to build upon what we have so far, and work on turning these hectares into megawatts,” Solar Philippines founder Leandro Leviste said.