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)

Nov 17, 2022

2. SEC Identification Number

CS201627300

3. BIR Tax Identification No.

009-468-103

4. Exact name of issuer as specified in its charter

SP New Energy 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, Barangay Bel-Air, Makati City, Philippines Postal Code 1226

8. Issuer's telephone number, including area code

(02) 8817-2585

9. Former name or former address, if changed since last report

Solar Philippines Nueva Ecija Corporation

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	10,000,000

11. Indicate the item numbers reported herein

Item 9

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.

SP New Energy 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
Solar Philippines secures over 2000 hectares for “world’s largest solar farm”
Background/Description of the Disclosure
After two months since the Stock Rights Offering (SRO) of Solar Philippines unit SP New Energy Corporation (SPNEC), the company has exceeded 2000 hectares of landbank secured for what it plans to be the “world’s largest solar farm”. “We expect the updated tally to be reflected in our next quarterly report, from which our public shareholders should have a better appreciation of the assets in SPNEC,” Solar Philippines founder Leandro Leviste said. “Since our SRO, we have prioritized the execution of the project that we see has the highest value. After we perfect the documentation for these hundreds of parcels and then conversion, this land would be ready for a solar project. Our focus now is to realize the value from this, and we will provide further updates at the appropriate time,” Leviste added. SPNEC’s SRO prospectus noted that proceeds would be used to acquire land in Nueva Ecija and Bulacan, and that it would seek the use that would give it the highest value. This may include being utilized by projects that SPNEC would own shares in as part of its asset-for-share swap. One of these projects is Terra Solar Philippines, Inc. (Terra Solar), a joint venture project of Solar Philippines that signed a Power Supply Agreement (PSA) with Meralco on October 24 2022. Under the PSA, Terra Solar would supply 850 MW of mid-merit for around 12 hours per day from a planned 3.5 GW solar, 4.5 GWh battery project in Nueva Ecija and Bulacan. At over 2000 hectares, the properties secured by Solar Philippines could fit a project that would exceed the capacity of India’s Bhadla Solar Farm, currently the world’s largest solar farm at over 2.2 GW; as well as exceed the capacity of the total grid-connected solar operating in the Philippines according to the Department of Energy’s latest figures as of August 2022.
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.