Leandro Leviste renames SPNEC to reflect new growth strategy

Solar Philippines Nueva Ecija Corp. (SPNEC) has approved a name change to SP New Energy Corp. to align with its new vision for growth.

Techpreneur Leandro Leviste-led SPNEC said the renaming reflects its expansion from a single project in Nueva Ecija to a portfolio of existing and new developments that could reach 10 gigawatts of generating capacity by 2025.

SPNEC said its asset-for-share swap with parent Solar Philippines is moving forward as it is set to issue shares to existing shareholders from August 30 to September 5.

Among the assets to be infused into SPNEC include over 400 MW of projects operating or under construction and the 3.5 GW solar, 4.5 GWh battery Terra Solar project, which plans to supply Meralco mid-merit for around 12 hours per day.

Also to be injected are 1.8 GW of projects contracted under the Department of Energy’s Green Energy Auction, in which Solar Philippines won 70 percent of the auction’s renewable energy capacity and 91 percent of the solar capacity, as well as 1.8 GW solar, 1.8 GWh battery project of Solar Philippines Batangas Baseload Corp.

All these projects would potentially bring SPNEC’s contracted capacity to 8 GW, slated to be operational between 2025 and 2026,.

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