SPC’s foray into RE gets shareholders’ consent

MANILA, Philippines — Listed SPC Power Corp. has secured its shareholders’ nod to venture in renewable energy (RE) development.

In a disclosure to the Philippine Stock Exchange yesterday, SPC said majority of its shareholders approved the proposal to amend the company’s Articles of Incorporation to be able to engage in the business of RE.

SPC said 90 percent of its shareholders casted their votes in favor of the proposed amendments.

With the amendment, SPC’s will now be able “to engage in the business of renewable energy, including the exploration, development and utilization of renewable energy resources, such as but not limited to biomass, solar, wind, hydro, geothermal, ocean energy sources or hybrid systems.”

It will also own lease or develop “real or personal properties for the exploration, development and utilization of natural resources.”

The new primary purpose will also allow the company “to make equity investments and participate in the management of domestic corporations engaged in activities by which this primary purpose may be achieved and in production and sale of electricity.”

SPC first announced plans to enter the RE space way back in 2017.