Solar Philippines Nueva Ecija Corp. said Tuesday its board of directors approved a change in its corporate name to SP New Energy Corp. to reflect the expanded business.
SPNEC said in a disclosure to the stock exchange the change in the corporate name “reflects the company’s expansion from a single project in Nueva Ecija to a portfolio that includes operational projects and other developments” in line with its goal to developing 10 gigawatts of solar projects by 2025.The change in name is still subject to stockholders’ and regulatory approval.
SPNEC said it would move forward with its planned asset for share swap with parent company Solar Philippines. The transaction involves SPNEC’s issuance of 24.37 billion shares at P2. 50 per share in exchange for shares of Solar Philippines in over 20 companies.
The company said upon the completion of the asset-for-share swap, SPNEC would gain a portfolio of projects including over 400 megawatts of projects operating or under construction.