SP New Energy Corp. (SPNEC) registered profit of P5.7 billion last year, driven by a gain on its 100- percent interest in Terra Solar Philippines.
“This marks SPNEC’s first financial report following the entry of Pangilinan-led Manila Electric Co. (Meralco) in the company.
The numbers reflect the growth resulting from Meralco’s investment in SPNEC, as it gears up to build the P200-billion Terra Solar project,” the company said in a statement.
The Pangilinan Group has a combined stake of 55.96 percent in the solar power company, since the 1.6 billion shares acquisition of Metro Pacific Investments Corp. in May last year for P2 billion.
The other Pangilinan interest is through Meralco unit, MGen Renewable Energy Inc., which has a 50.53 percent voting interest.
SPNEC said its assets grew to P51.2 billion last year as a result of the Pangilinan Group’s entry, up 825 percent from P5.8 billion in end-2022.
“SPNEC’s equity also rose to P42.4 billion, up 730 percent from P5.8 billion in 2022,” it said.
