MANILA, Philippines — SP New Energy Corp. (SPNEC) and its subsidiaries continue to grow its assets, having secured over 4,000 hectares of land to date to support its expansion.
SPNEC said over 3,000 hectares have been secured through deeds of sale or contracts to sell, while over 1,000 hectares were secured through contracts to lease.
Of these, over 2,000 hectares, meanwhile, have already been approved for conversion to industrial use, the company said.
SPNEC’s over 4,000 hectares of secured assets are mostly in the provinces of Nueva Ecija, Bulacan, Tarlac, and Batangas.
“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 operating, under construction, and under 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 said.
SPNEC has been growing its assets as part of its consolidation of projects of Solar Philippines Power Project Holdings Inc.
SPNEC last May entered into a contract to acquire the shares of Solar Philippines in various entities using the proceeds of the latter’s subscription of 24.37 billion shares of SPNEC.
This was carried out through the approval by the Securities and Exchange Commission of SPNEC’s increase in authorized capital stock on June 1, 2023.
With these completed, SPNEC’s assets now include over 4,000 hectares as well as more than 400 megawatts (MW) of projects operating or under construction
Solar Philippines is also transferring to SPNEC contracts and permits to support its projects, some of which it has been developing since 2016.
SPNEC said Solar Philippines is also preparing various share sales to support these developments and increase its public float.