SP New Energy Corp. (SPNEC), the listed renewable energy company now chaired by Manuel V. Pangilinan, reported net income of P5.7 billion in 2023.
The increase in income was driven by ownership gain in Terra Solar Philippines, the company said.
SPNEC assets as of end-December 2023 also grew to P51.2 billion, up by nine times more than only P5.8 billion a year earlier.
SPNEC equity for the period also expanded to P42.4 billion, up eight times.
This marks the company’s first financial report following the entry of Pangilinan-led Manial Electric Co. or Meralco.
The numbers reflect growth resulting from Meralco’s investment in SPNEC as it gears up to build the P200-billion Terra Solar project.
In December last year, MGen Renewable Energy (MGreen) completed a P15.9 billion investment that gave it a 50.5 percent voting interest in SPNEC.
In January, MGreen also acquired 2.17 billion SPNEC shares in Solar Philippines Power Project Holdings Inc. for P2.5 billion.
MGreen is a wholly-owned subsidiary of Meralco Powergen Corp. which is a wholly-owned subsidiary of Meralco, the country’s largest power distributor whose parent firm is the Pangilinan’s Metro Pacific Investments Corp.
Solar Philippines, founded by businessman Leandro Leviste, continues to own 18.99 billion SPNEC shares with other shareholders and the public owning the remaining shares.
SPNEC’s Terra Solar is touted as the world’s largest solar project targeted to begin operations by 2026.
Its P200-billion renewable energy facilities in Nueva Ecija and Bulacan consist of a 3,500-megawatt solar and 4,000-megawatt-hours of battery storage.
To support the projects, SPNEC has secured 3,431 hectares of land of which 2,976 hectares were purchased and another 454.9 hectares have been leased.
Aside from projects around Nueva Ecija, SPNEC also owns and operates a 63-MW solar farm in Calatagan, Batangas and a 150-MW solar farm in Concepcion, Tarlac.
These operating assets generated P1.1 billion in revenue in 2023.
