SP New Energy Corp. (SPNEC) said it has secured over 4,000 hectares (ha) of land, mostly in the provinces of Nueva Ecija, Bulacan, Tarlac and Batangas for its planned renewable energy projects.
This is double than the 2,000 ha the company had last N ovember.
The company said in a disclosure to the Philippine Stock Exchange yesterday over 3,000 ha have been secured through deeds of sale or contracts to sell and more than 1,000 ha through contracts to lease.
SPNEC added over 2,000 ha have been approved for conversion to industrial use.
The company said it has been growing its assets as part of its consolidation of projects of Solar Philippines Power Project Holdings Inc. (SP).
Last May, SPNEC entered into a contract to acquire the shares of SP in various entities using the proceeds of SP’s subscription of 24.37305 billion shares of SPNEC which was enabled by the approval by the Securities and Exchange Commission of SPNEC’s increase in authorized capital stock last June.
