SPNEC changes name to SP New Energy Corp.

By Jenniffer B. Austria – November 8, 2022, 9:10 pm
from manilastandard.net

Solar Philippines Nueva Ecija Corp. said Tuesday it changed its corporate name to SP New Energy Corp.

SPNEC said in a disclosure to the stock exchange the change in corporate name was reflected on the systems of the Philippine Stock Exchange starting Nov. 8.

“This change reflects the company’s expansion from a single project in Nueva Ecija to a portfolio of projects, in support of its goal of completing the development of 10 GW by 2025,” SPNEC said.

The company aims to complete the development of 10 gigawatts by 2025.

SPNEC said it formed Terra Nueva Inc., a wholly-owned subsidiary, to hold P2.7 billion in funds raised from a recent stock rights offering.

SPNEC will use the proceeds from the SRO for project development, including the acquisition of land in Nueva Ecija and Bulacan. “We have been working to use the SRO proceeds to create value from the development of our projects. We plan to give an update on the progress as we reach the two-month mark since our SRO,” Solar Philippines founder Leandro Leviste said.