Philippines' SPNEC reintroduces itself as SP New Energy Corporation
This changed from SP Nueva Ecija Corporation.
Solar Philippines Nueva Ecija Corp. (SPNEC) announced it will be changing its name to SP New Energy Corporation to reflect its expansion.
This comes as the company transitions to a portfolio of operational projects and other developments from a single project in Nueva Ecija initially.
“We see these corporate actions as being about more than just our company, but the energy mix of our country,” Solar Philippines founder Leandro Leviste said.
The company will also reintroduce its business to the market with new updates on its portfolio.
SPNEC noted the asset-for-share swap with Solar Philippines is progressing. SPNEC stands to gain a portfolio of projects when the share swap agreement concludes.
These include more than 400 megawatts (MW) of projects, either operating or under construction; a 3.5-gigawatt (GW) solar project, and a 4.5-gigawatt-hour (GWh) battery Terra Solar project, which plans to supply Meralco mid-merit for around 12 hours per day amongst others.
This would also include a 1.8GW solar, 1.8 GWh battery project of Solar Philippines Batangas Baseload Corporation.
These bring SPNEC’s contracted capacity to 8GW scheduled to commence operations mostly between 2025 to 2026.