MGreen completes investment in SPNEC

MGen Renewable Energy Inc. (MGreen), a unit of Manila Electric Co. (Meralco), has completed its P15.9-billion investment in SP New Energy Corp. (SPNEC) and has taken a controlling stake in the solar company.   Source: Business Mirror

SPNEC to break ground on Nueva Ecija solar project

SP New Energy Corp. (SPNEC) on Thursday said it plans to break ground this year on its Nueva Ecija solar expansion project, which will be controlled by the company. The company has invested the bulk of the proceeds of its capital raises in this project, including Metro Pacific Investment Corp.’s initial investment of P2 billion. […]

SPNEC acquires assets from Solar PHL

Publicly-listed SP New Energy Corp. (SPNEC) has acquired projects from its parent company Solar Philippines, marking the company’s start of commercial operations. SPNEC said it signed on May 15 a deed of absolute sale to acquire Solar Philippines shares in Solar Philippines Tarlac Corp. and Solar Philippines Rooftop Corp., which together own over 100 megawatts […]

MPIC, Solar Philippines ink investment deal

Metro Pacific Investments Corp. (MPIC) has signed an agreement with Solar Philippines Power Project Holdings Inc. (SPPPHI) and listed SP New Energy Corp. (SPNEC) which will grant MPIC or its affiliates the option to increase its stake in the solar company. According to their respective disclosures, MPIC will have the option to invest up to […]

SPNEC says share swap to be completed in 2022

SOLAR PHILIPPINES Nueva Ecija Corp. (SPNEC) said on Monday that it targets to complete its asset-for-share swap deal with its parent company, Solar Philippines Power Project Holdings, Inc. (SPPHI), by the end of this year, with its stock rights offering (SRO) expected to be completed in September.   SPNEC’s offering is set from Aug. 30 […]

Solar PHL bags most of RE capacity in energy auction

SOLAR Philippines has bagged most of the renewable energy (RE) contracts to develop 2,000-megawatt (MW) capacities under the country’s first Green Energy Auction Program (GEAP). Data from the Department of Energy (DOE) website showed that Solar Philippines won 70 percent of all RE capacity in the DOE auction, or 1380MW out of 1996MW across all […]

SPNEC approves swap deal with parent firm

THE board of listed firm Solar Philippines Nueva Ecija Corp. (SPNEC) has approved an asset-for-share swap involving the acquisition of Solar Philippines Power Project Holdings Inc. and 20 other units of the company’s parent firm Solar Philippines Inc. Solar Philippines Inc. assets would be acquired through an asset-for-share swap in exchange for 24.37 billion shares […]

Solar Tarlac gets high credit rating

Credit watcher Philippine Rating Services Corp. (PhilRatings) assigned a credit rating of PRS Aa plus with a stable outlook to Solar Philippines Tarlac Corp.’s (Solar Tarlac) proposed P4.15-billion green bonds.  “Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitments on […]

New unit of Solar PHL aims to expand local solar farms

Solar Energy Zones Inc. (SEZ), a new subsidiary of Solar Philippines, wants to host the solar power projects of other power firms. This move is meant to address the shortage of solar sites so the country’s largest power companies can soon have their own large-scale solar projects. Source: Business Mirror