SP New Energy Corp. (SPNEC) and its subsidiaries have secured 4,000 hectares more to expand the energy company’s assets, it said on Wednesday.
“We thank all who have helped us grow SPNEC’s assets, from its initial 352 hectares, to over 4,000 hectares, and from a single project, to a portfolio of projects operating, under construction, and under development,” SPNEC President and Chief Executive Officer Leandro Antonio L. Leviste said in a media release.
SPNEC said the hectares of land it secured were spread across the provinces of Nueva Ecija, Bulacan, Tarlac, and Batangas.
“It is time for us to build upon what we have so far, and work on turning these hectares into megawatts (MW),” Mr. Leviste said.
SPNEC said of the 4,000 hectares, 3,000 hectares have been secured through deeds of sales or contracts to sell and over 1,000 hectares were secured through contracts to lease.
More than 2,000 hectares have also been approved for conversion to industrial use, the company said.
SPNEC is a wholly owned subsidiary of Solar Philippines Power Project Holdings, Inc., which is an integrated developer, owner and operator of solar power projects.
In May, SPNEC said it entered into a contract to acquire shares of Solar Philippines in several entities via proceeds of the latter’s subscription of 24.37 billion shares of SPNEC, which increased its authorized capital stock.
With this development, SPNEC said its assets now include over 400 MW of projects operating and under construction and over 4,000 hectares.
It also said that Solar Philippines is transferring to SPNEC contracts and permits to support its projects, some of which it has been developing since 2016.
In June, SPNEC said it is planning to conduct a private placement of shares valued at P3 billion to lift its trading suspension at the Philippine Stock Exchange (PSE).
This comes after the PSE suspended the trading of SPNEC’s shares after its public float fell below the required 20%. — Ashley Erika O. Jose
