SPNEC books P5.7-b income following entry of Meralco unit

Renewable energy firm SP New Energy Corp. booked a net income of P5.7 billion in 2023, a sharp turnaround from net loss of P40.4 million recorded a year ago, driven by a recent acquisition.

“The numbers reflect the growth resulting from Meralco’s investment in SPNEC, as it gears up to build the P200 billion Terra Solar project,” SPNEC said.MGen Renewable Energy acquired a 50.5-percent stake in SPNEC in December 2023 for P15.9 billion. MGreen is a wholly owned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco.

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