SP New Energy’s attributable net loss widens 

SP New Energy Corp. (SPNEC) saw its attributable net loss widen to P32.29 million in the second quarter from P12.31 million in the same quarter last year.

In a stock exchange disclosure, the listed energy company said its revenues from contracts with customers stood at P64.04 million, without disclosing a comparative figure.

It said that as of June 30, 2023, the group recorded a total of P64 million in revenues, which was mainly contributed by Solar Philippines Rooftop Corp. and Solar Philippines Tarlac Corp. from the sale of electricity.

Gross expenses were at P37.39 million during the period while gross profit reached P26.654 million.

As of August, Solar Philippines Power Project Holdings, Inc. (SPPPHI) held 80.5% ownership of SPNEC’s outstanding common shares.

Metro Pacific Investments Corp. in March entered into a share purchase agreement with SPPPHI to “acquire the latter’s rights, title and interests in and to SPEC” with 1.6 billion common shares.

Earlier this month, MGen Renewable Energy, Inc. (MGreen), the renewable energy unit of the Manila Electric Co., said it had signed an investment agreement with SPNEC and SPPPHI to develop a solar and battery energy storage systems project.

Under the agreement, SPNEC will serve as the primary vehicle to develop 3,500 megawatts (MW) of solar panels and 4,000 MW of battery energy storage systems in Luzon.

To enable investment, MGreen will subscribe to 15.7 billion common shares and 19.4 billion redeemable preferred voting shares in SPNEC.

SPNEC will apply to increase its authorized capital stock to allow the investment. The fresh injection of capital by MGreen will fund the construction and expansion of its solar projects. — Sheldeen Joy Talavera

Neil Banzuelo

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