Solar Philippines Nueva Ecija Corp. (SPNEC) is changing its name to SP New Energy Corp. as a form of reintroduction after the company expanded its portfolio of renewable energy projects.
Subject to regulatory approval, the company’s Board of Directors initially approved the plan which it said will “reflect” the company’s expansion from a single project in Nueva Ecija, to a portfolio that includes operational projects and other developments that will bring its capacity to 10 GW of renewable energy by 2025.
SPNEC said it would be reintroducing its business to the market over the coming weeks, including sharing new details on its portfolio, as well as advancing the assumption of certain projects ahead of the share swap.
SPNEC is in the middle of a P3.3-billion stock rights offering (SRO), looking to offer to shareholders 1.88 billion option shares a price range of P1.50 to P1.76 apiece. It recently received the final regulatory approval – from the Philippine Stock Exchange.
