SP New Energy Corp. (SPNEC) posted a P5.7-billion attributable net income for 2023 driven by expansion of assets, the company announced on Wednesday.

The company recorded a net loss of P40.41 million over a six-month period in 2022, SPNEC said in its regulatory filing.

SPNEC changed the fiscal year-end from June 30 to Dec. 31 during its 2022 annual stockholders’ meeting.

“This marks SPNEC’s first financial report following the entry of Pangilinan-led Manila Electric Co. (Meralco) in the company,” the company said in a statement.

“The numbers reflect the growth resulting from Meralco’s investment in SPNEC, as it gears up to build the P200-billion Terra Solar project,” it added.

SPNEC’s total revenues from contracts with customers stood at P635.45 million. Broken down, sales of electricity reached P619.25 million while sales of installed services were at P16.2 million.

As of end-2023, the company said that its assets increased to P51.2 billion, up from P5.8 billion a year ago.  Its equity also rose to P42.4 billion from P5.8 billion previously.

In December of last year, MGen Renewable Energy (MGreen) completed its P15.9-billion investment, resulting in a 50.5% voting interest in SPNEC.

MGreen has also acquired additional 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings, Inc. in January for P2.5 billion.

MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly owned subsidiary of Meralco.

SPNEC is developing the Terra Solar project in Nueva Ecija and Bulacan which consists of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage system. 

The first phase of the project is scheduled to be delivered by the first quarter of 2026.

It has secured over 3,000 hectares for its projects, most of which have already been converted to industrial use.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

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