Turning the tide: Leandro Leviste’s SPNEC swings into the black with P24.7 million profit

SP New Energy Corporation, led by techpreneur Leandro Leviste, marked a notable financial turnaround, reporting a net income of P24.69 million in the nine months to September this year, compared to a net loss of P49.68 million during the same period in 2022.

The third quarter also saw a positive shift, with a net income of P59.445 million, reversing the P15.51 million net loss in 2022.

Revenues from the sale of electricity reached P333.67 million during the nine-month period, with P269.6 million generated in the third quarter.

SPNEC’s landholdings comprise 452.13 hectares as of September 30.

On October 12, MGen Renewable Energy Inc. (MGreen), the renewable energy development arm of Meralco Powergen Corporation (MGen), inked an agreement with SPNEC and Solar Philippines to acquire P15.9 billion worth of SPNEC shares or at for the subscription of 15.7 billion common shares and 19.4 billion redeemable preferred voting shares in SPNEC.

MGen, a wholly-owned subsidiary of the Manila Electric Company, is set to become the controlling shareholder of SPNEC with a total voting interest of 50.5% upon the completion of the transaction. The 15.7 billion common shares, valued at P15.7 billion, constitute 31.35% of SPNEC’s issued and outstanding common shares, totaling 50.07 billion. Meanwhile, the 19.40 billion redeemable preferred voting shares, priced at P194.04 million, lack the ability to earn economic returns or dividends.

These newly issued shares will contribute to the increase in authorized capital stock and fund the construction and expansion of SPNEC’s solar projects, including the ambitious plan for 3,500 megawatts of solar capacity and 4 gigawatt-hours of battery storage.

Advocacy group calls out ERC on Meralco’s rate extension

The National Association of Electricity Consumers for Reforms Inc. (Nasecore) has criticized the Energy Regulatory Commission for permitting bilyonaryo Manny Pangilinan-led Manila Electric Company to charge consumers the provisional interim average rate of P1.3810 per kilowatt hour from July 2016 to the present.