SPNEC profit surges to ₱5.7 B
Renewable energy firm SP New Energy Corp. (SPNEC), now chaired by tycoon Manuel V. Pangilinan through the controlling stake of Mgen Renewable Energy (Mgreen), reported a net income of ₱5.7 billion in 2023 after gaining 100 percent ownership of Terra Solar Philippines.
Based on its disclosure to the Philippine Stock Exchange, SPNEC’S assets surged 825 percent valued at ₱51.2 billion as of December 31, 2023 from P5.8 billion as of December 31, 2022.
SPNEC’S equity also rose to P42.4 billion as of December 31, 2023, up 730 percent from ₱5.8 billion in equity as of December 31, 2022.
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 ₱200 billion Terra Solar project.
In December last year, Mgreen completed its ₱15.9 billion investment resulting in a 50.5 percent voting interest in SPNEC. In January this year, Mgreen also acquired 2.17 billion shares of SPNEC from
Solar Philippines Power Project Holdings Inc. for ₱2.50 billion.
Mgreen is a whollyowned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco, the country's largest power distributor whose parent firm is the Pangilinan Group's Metro Pacific Investments Corporation.
Solar Philippines, founded by businessman Leandro Leviste, continues to own 18.993 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.