SP New Energy Corp., along with its subsidiaries, has secured more than 4,000 hectares of land in Nueva Ecija, Bulacan, Tarlac, and Batangas provinces. These lands will be utilized for the development of the company’s large-scale renewable energy projects.
In a stock report on Wednesday, SPNEC said over 3,000 hectares of the assets were secured through deeds of sale or contracts to sell and over 1,000 hectares through contracts to lease.
SPNEC noted that more than 2,000 hectares of the company’s land assets have already received approval for conversion to industrial use.
“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 development,” Solar Philippines founder Leandro Leviste said.
“It is time for us to build upon what we have so far, and work on turning these hectares into megawatts,” he added.
Expanding its total land bank is part of SPNEC’s ongoing consolidation of projects with Solar Philippines Power Project Holdings, Inc. or SP.
It can be recalled that in May, SPNEC entered into a contract to acquire shares of SP in various entities using the proceeds of SP’s subscription of 24.37305 billion shares of SPNEC.
The move was implemented after the Securities and Exchange Commission approved SPNEC’s increase in authorized capital stock last 1 June 2023.
Following these developments, SPNEC’s assets now include over 400 MW of projects operating or under construction.
SP is also transferring to SPNEC contracts and permits to support its projects, some of which it has been developing since 2016. It is also preparing various share sales to support these developments and increase its public float.