SP New Energy Corp. (SPNEC) will now be part of the MSCI Philippines Small Cap Index effective March 1.
The renewable energy is the only addition to the closely watched index, vice MREIT Inc., of Megaworld Corp.
The MSCI Global Small Cap Indexes was release dby index provider MSCI on Monday, and which will take place at the close of market on February 29.
MSCI rebalances its indices semi-annually and quarterly.
Amid the MSCI Philippines Small Cap Index inclusion, interest for the stocks shot up rising by 5.17 percent to P1.22 per share compared to P1.16 on Monday.
The positive development for SNPEC is expected to further stimulate interest in the stock.
New York-listed MSCI has helped global investors build and manage portfolios using its research-based tools and insights on risks and performance.
SPNEC has recently been acquired by the Pangilinan Group, taking a cumulative 55.96 percent stake.
The stakes are held through MGen Renewable Energy Inc. (MGreen) and Metro Pacific Investments Corp. (MPIC).
MGreen is a wholly-owned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Manila Electric Co. whose parent firm is MPIC.
SPNEC is touted to be the world’s biggest solar project through 100 percent-owned subsidiary Terra Solar Philippines Inc., which it is targeted for completion by 2027.
The P200-billion Terra solar development in Nueva Ecija and Bulacan which will consist of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery storage, would be completed in two phases.
The first phase is eyed for completion by 2026 with a target capacity of 2,500 MW.
The second phase is targeted to be finished by 2027 with a capacity of 1,000 MW.
