SPNEC swings to profit in Q1

MANILA, Philippines — Manuel V. Pangilinan-led SP New Energy Corp. (SPNEC) swung back to profitability in the first quarter on the back of strong contributions of its operating assets.

From a net loss of P24.57 million in the first quarter last year, SPNEC reported a net income attributable to equity holders of the parent of P47.5 million and a total comprehensive income of P156.68 million during the same period in 2024.

SPNEC generated a total of P344.4 million revenue during the quarter, mainly contributed by Solar Philippines Calatagan Corp., Solar Philippines Rooftop Corp., Solar Philippines Tarlac Corp. and Laguna Rooftop Solar Corp. from the sale of electricity.

The profitable quarter was due to the acquisition of operational assets, the Calatagan and Tarlac solar farms, with these and other plants being expanded ahead of the energization of Terra Solar.

SPNEC, through subsidiary Terra Solar Philippines Inc., is developing the massive solar farm in Nueva Ecija and Bulacan which will consist of 3,500 megawatts (MW) of solar panels and 4,000 MW-hours of battery storage.

The first phase, with a target capacity of 2,500 MW, is eyed for completion by 2026 while the second phase, with a capacity of 1,000 MW, is slated to be finished by 2027.

The P200-billion Terra Solar development in Nueva Ecija and Bulacan is poised to become the world’s largest solar project once completed.

SPNEC is looking to sell as much as 40 percent in Terra Solar to foreign investors to help with the financing of the project.