SPNEC added to MSCI Phl index

Listed integrated solar developer SP New Energy Corp. (SPNEC) is poised to be the only company to be added in the MSCI Philippines Small Cap Index for its upcoming rebalancing.

The MSCI Global Small Cap Indexes has revealed the changes will take place at the close of market on Feb. 29.

Global index provider MSCI rebalances its indices semi-annually and quarterly.

SPNEC is the only company to be included in the list in the current review, while MREIT Inc. would be removed from the roster.

The MSCI Philippines Small Cap Index inclusion is expected to further stimulate interest SPNEC 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, which is currently building the world’s largest solar project, has recently been acquired by MGen Renewable Energy Inc. (MGreen), a wholly owned subsidiary of Meralco Powergen Corp.

MGreen recently raised its stake in the company, acquiring 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.5 billion, representing 4.34 percent.

The acquisition further bolsters MGreen and its affiliates’ stake in SPNEC to 55.96 percent from the previous 50.53 percent.

Prior to the change in control, SPNEC was majority-owned by Solar Philippines, which is beneficially owned by Leandro Leviste.

Solar Philippines continues to own 18.99 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.

Manuel V. Pangilinan currently serves as SPNEC chairman, while Leviste is vice chairman.

SPNEC’s P200-billion Terra solar development in Nueva Ecija and Bulacan would be completed in two phases, with the first 2,500 megawatts (MW) eyed for completion by 2026 and the remaining 1,000 MW to be finished by 2027.