C06058-2022

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Aug 9, 2022
2. SEC Identification Number
CS201627300
3. BIR Tax Identification No.
009468103
4. Exact name of issuer as specified in its charter
Solar Philippines Nueva Ecija Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
20th Floor Philamlife Tower, 8767 Paseo de Roxas, Makati City, Philippines Postal Code 1226
8. Issuer's telephone number, including area code
(+632) 8817-2585
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 8,124,350,005
11. Indicate the item numbers reported herein
Item 9 - Other Items

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Solar Philippines Nueva Ecija CorporationSPNEC

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

SPNEC to be renamed SP New Energy Corporation to reflect expanded business
Background/Description of the Disclosure

On August 8 2022, the Board of Directors of Solar Philippines Nueva Ecija Corporation (SPNEC) approved a change in corporate name to SP New Energy Corporation, subject to stockholder and regulatory approval.

The change in name reflects the company’s expansion from a single project in Nueva Ecija, to a portfolio that includes operational projects and other developments, in support of its goal of completing the development of 10 GW by 2025.

SPNEC signaled that 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 also signaled that its asset-for-share swap with Solar Philippines is moving forward, as SPNEC’s public float is to be increased from its Stock Rights Offering (SRO), with an offer period scheduled from August 30 to September 5 2022.

Upon the completion of its asset-for-share swap, SPNEC would gain a portfolio of projects. These would include over 400 MW of projects operating or under construction; the 3.5 GW solar, 4.5 GWh battery Terra Solar project, which plans to supply Meralco mid-merit for around 12 hours per day; and 1.8 GW of projects contracted under the Department of Energy’s Green Energy Auction, in which Solar Philippines won 70% of the auction’s renewable energy capacity and 91% of the solar capacity.

This would also include the 1.8 GW solar, 1.8 GWh battery project of Solar Philippines Batangas Baseload Corporation, which was recently noted to have secured original proponent status for its proposal to supply Meralco baseload for up to 24 hours per day, and would complete the company’s targeted 9 TWh per year of contracted energy.

Together with its Nueva Ecija solar project, these would potentially bring SPNEC’s contracted capacity to 8 GW scheduled to commence operations mostly between 2025 to 2026, which it estimates would be 2/3 of the total contracted renewable energy capacity of the Philippines.

“We see these corporate actions as being about more than just our company, but the energy mix of our country. We are thankful to our shareholders for supporting SPNEC and the renewable energy transition of the Philippines,” said Solar Philippines founder Leandro Leviste.
Other Relevant Information

Disclaimer: This press release contains certain forward-looking statements, which involve risks, uncertainties, and assumptions. The actual results of the company could differ materially from those anticipated in these forward-looking statements.
Filed on behalf by:
Name Hazel Iris Lafuente
Designation Director, Treasurer, Assistant Corporate Secretary, Head of Community Development and Chief Information Officer