SP New Energy Corp. (SPNEC) has doubled its land acquisition program to some 4,000 hectares in Nueva Ecija, Bulacan, Tarlac and Batangas for its planned renewable energy projects.
The listed solar power developer told the Philippine Stock Exchange that of the volume, over 3,000 hectares have been secured with deeds of sale or contracts to sell and some 1,000 hectares more are covered by contracts to lease.
Also, over 2,000 hectares have already been approved for conversion to industrial use.
This development, it said, forms part of the consolidation of projects of Solar Philippines Power Project Holdings Inc. (SP).
In May this year, SPNEC sought to acquire SP shares in various entities using proceeds of its subscription of 24.37305 billion SPNEC shares enabled by the increase in its authorized capital stock later in June by the Securities and Exchange Commission.
With the completion of the transaction, SPNEC assets now include over 400 megawatts (MW) of projects either operating or under construction on some 4,000 hectares of land.
SP is also ceding to SPNEC contracts and permits to support its projects, some of which have been developed since 2016.
“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 (either) operating, under construction and under development. It is time for us to build upon what we have so far and work on turning these hectares into megawatts,” said Leandro Leviste, Solar Philippines founder.
