Solar energy firm SP New Energy Corp. (SPNEC) saw its first-quarter net income reach P47.5 million, a reversal from a net loss of P24.56 million in the same period last year.
SPNEC said in a financial report filed with the Philippine Stock Exchange Monday first-quarter revenues reached P344.4 million primarily from operating solar assets in Tarlac and Calatagan.
The company operates various solar projects under its subsidiaries Solar Philippines Calatagan Corp., Solar Philippines Rooftop Corp., Solar Philippines Tarlac Corp. and Laguna Rooftop Solar Corp.
SPNEC through Terra Solar Philippines Inc. is developing the project in Nueva Ecija and Bulacan which consists of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage system.
It secured over 3,000 hectares for its projects, most of which have already been converted into industrial use. The whole project is estimated cost about P200 billion.
SPNEC chairman Manuel Pangilinan said last week they were in talks with three to five prospective partners who would likely take a 40-percent stake in Terra Solar project touted as the world’s biggest solar project.
Pangilinan said the company would take in “at most” two foreign partners in Terra Solar within the year.
Pangilinan said they were looking at trimming down the prospective partners to two companies with a 20-percent stake each.
The company engaged financial advisors to help look for potential investors for the planned project.
SPNEC started clearing operations for the Terra Solar site in January, ahead of the construction of the project’s interconnection facilities with the National Grid Corp. of the Philippines and the installation of over five million solar panels to meet its construction timeline.
SPNEC is now controlled by the MVP Group, through MGen Renewable Energy Inc. (MGreen), a wholly-owned subsidiary of Meralco PowerGen Corp. after a series of acquisitions.
