SP New Energy Corp. (SPNEC) said Thursday it is subscribing more shares in subsidiaries Terra Solar Philippines Inc. (TSPI) and Terra Nueva, Inc. (TNI) for P8.9 billion.
SPNEC said in a disclosure to the stock exchange its board approved the acquisition of P6.03-billion worth of shares in TSPI and P2.9 billion worth of shares in TNI.
TSPI is pioneering the development of what is envisioned to be the largest solar facility with battery storage in the Philippines, consisting of a 3,500-megawatt peak (MWp) solar plant and a 4,500-megawatt-hour (MWh) battery energy storage system (BESS) spanning the provinces of Nueva Ecija and Bulacan.
TNI, on the other hand, is a newly-formed wholly-owned subsidiary of SPNEC. It is primarily engaged in acquiring assets for investment purposes.
Meanwhile, SPNEC also disclosed that the project site for the 3,500 MWp and 4,500 MWh BESS project, would be owned by TNI, after both parties entered into a lease agreement covering the property.
SPNEC, now controlled by Meralo PowerGen Corp., reported in September that it agreed to issue shares equivalent to a 40-percent stake in TSPI to UK fund manager Actis Capital for $600 million.
SPNEC will hold the remaining 60 percent of TSPI.
The first phase of the TSPI’s project is scheduled to be delivered by 2026, while second phase is targeted for 2027. The whole project is estimated to cost P200 billion.
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