Solar Power Nueva Ecija Corp. (SPNEC) is now SP New Energy Corp. (SPNEC).
The company said the renaming reflects the expansion in its portfolio from a solar power company based in Nueva Ecija “to a portfolio of projects, in support of its goal of completing the development of 10 gigawatts (GW) by 2025.”
The name change officially took effect Tuesday.
One step SPNEC has recently taken in line with the expansion of its portfolio has been the incorporation of Terra Nueva Inc., a wholly-owned subsidiary to hold developments funded by its recent P3.3 billion stock rights offer (SRO).
The proceeds of the fund raising will be used for project development, including the acquisition of land in Nueva Ecija and Bulacan.
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