SP New Energy Corp. (SPNEC) said it is acquiring an operational asset from parent company Solar Philippines Power Project Holdings Inc., which will mark the company’s start of commercial operation.
SPNEC said it signed the sale agreement with Solar Power on May 15 for the acquisition through a share swap of Solar Philippines’ Solar Philippines Tarlac Corp. and Solar Philippines Rooftop Corp., twhich together own over 100 megawatts (MW) of operational solar power plants and another over 50 MW under construction.
This is the first batch of a series of projects that SPNEC will be acquiring from Solar Philippines covering 17 companies, which will be exchanged for 24.37 billion shares of SPNEC.
Meanwhile, EEI Corp. signed a memorandum of understanding with Industry Holdings and Development Corp. (IHDC) for the joint exploration and co-development of three potential solar farms with a total possible output of 150 megawatts.
In a statement, EEI said the projects are targeted to operate in the next two years but did not disclose the cost nor location of the projects.
Henry Antonio, EEI president and chief executive officer, said the parties are also eyeing opportunities to participate in future projects under public-private-partnership. – Ruelle Castro and Jed Macapagal
