Solar Philippines Nueva Ecija Corporation (SPNEC), a unit of Solar Philippines, is changing its corporate name to SP New Energy Corporation — reflecting its massive expansion.
“We see these corporate actions as being about more than just our company, but the energy mix of our country. We are thankful to our shareholders for supporting SPNEC and the renewable energy transition of the Philippines,” Solar Philippines founder Leandro Leviste said.
In a stock report on Tuesday, the company said the change is still subject to stockholder and regulatory approval, but it will already start reintroducing its business to the market in the coming weeks.
SPNEC also said its asset-for-share swap with Solar Philippines is moving forward and will increase its public float from its Stock Rights Offering (SRO) slated to run from 30 August to 5 September.
The company can raise around P2.8 billion to P3.3 billion from the offer and would be allocated to its project development — including securing land and off-take agreements.
Upon the completion of its asset-for-share swap, SPNEC would gain a portfolio of projects. It includes over 400 megawatts of projects operating or under construction as well as the 3.5 GW solar, 4.5 GWh battery Terra Solar project, which plans to supply Meralco mid-merit for around 12 hours per day, among others.