Publicly-listed SP New Energy Corp. (SPNEC) has acquired from its parent an initial batch of solar power companies with combined generating output of 150 megawatts, including 50 megawatts still under construction.
Parent firm Solar Philippines has granted SPNEC full ownership of Solar Philippines Tarlac Corp. and Solar Philippines Rooftop Corp. and began recognizing revenue from the operational companies starting 15 May this year.
The acquisitions were facilitated by its subscription of 24.37 billion SPNEC shares but premised on the approval of SPNEC’s increase in authorized capital.
The other companies in subsequent turnovers include Solar Philippines Calatagan Corp., Solar Philippines Tarlac Corp., Terra Solar Philippines Inc., Solar Philippines Batangas Baseload Corp., Solar Philippines Tarlac Baseload Corp., Solar Philippines Central Luzon Corp., Solar Philippines South Luzon Corp., Solar Philippines Southern Tagalog Corp., Solar Philippines Eastern Corp., Solar Philippines Western Corp., Solar Philippines Visayas Corp., Solar Philippines Southern Mindanao Corp., Solar Philippines Batangas Corp., Solar Philippines Retail Electricity Inc.; Laguna Solar Rooftop Corp. and Solar Philippines Rooftop Corp.
This developed in the wake of the signing of an option agreement between Metro Pacific Investments Corp., Solar Philippines and SPNEC granting MPIC or its affiliates the option to acquire nearly 43 percent of SPNEC for P23.75 billion.
After the consolidation of Solar Philippines assets, SPNEC would own generated power of close to 1 gigawatt plus 8 gigawatts more still under construction.
All of these efforts are being done with the goal of making SPNEC the largest renewable energy company in the Philippines.
