SOLAR Philippines Nueva Ecija Corp. (SPNEC) announced on Tuesday that its board of directors approved to change its corporate name to SP New Energy Corp. subject to stockholder and regulatory approval.
“SPNEC signaled that it would be reintroducing its business to the market over the coming weeks, including sharing new details on its portfolio, as well as advancing the assumption of certain projects ahead of the share swap,” SPNEC said in a media release.
It said the move to rename the company is meant to reflect its expansion from a single project in Nueva Ecija to a portfolio that includes other projects and developments.
The company aims to complete the development of 10 gigawatts (GW) by 2025.
SPNEC also said that its asset-for-share swap with Solar Philippines Power Project Holdings, Inc. is moving forward, as its public float is to be increased from its stock rights offering, with an offer period scheduled from Aug. 30 to Sept. 5.
After the completion of the swap deal, SPNEC would gain a portfolio of projects, including 400 megawatts of operating projects or under construction; the 3.5-GW solar and 4.5-GW-hours battery project of Terra Solar Philippines, Inc., which plans to supply mid-merit power to Manila Electric Co. for around 12 hours per day; and 1.8 GW of projects contracted under the Department of Energy’s Green Energy Auction.
On Tuesday, shares in the company inched up by 1.16% or P0.20 to finish at P1.74 apiece on the stock exchange. — Ashley Erika O. Jose