C01203-2024

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)
Mar 4, 2024
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 Philam Life 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 50,073,050,000
11. Indicate the item numbers reported herein
Item 9 - Others

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 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Report
Source INQUIRER.net
Subject of News Report SPNEC scrambles to fund world’s largest solar farm
Date of Publication Mar 4, 2024
Clarification of News Report

DISCLOSURE DEPARTMENT
THE PHILIPPINE STOCK EXCHANGE, INC.
Philippine Stock Exchange Plaza,
PSE Tower, 5th Avenue corner 28th Street,
Bonifacio Global City, Taguig City

Attention: MR. NORBERTO MORENO, JR.
Officer-in-Charge, Disclosure Department

RE: SPNEC Scrambles to Fund World’s Largest Solar Farm

Dear Mr. Moreno,

This refers to the Exchange's letter dated 04 March 2024, seeking clarification of the news article entitled “SPNEC scrambles to fund world’s largest solar farm” posted in Inquirer.net on 04 March 2024, the article reported in part that:

“Solar power firm SP New Energy Corp. (SPNEC), now headed by billionaire Manuel Pangilinan, is planning to sell 40 percent of the equity in Terra Solar Philippines Inc. to help build a P200-billion cache needed to develop what could be the world’s largest solar farm.

Pangilinan, chair and president of SPNEC told reporters last week that while they had already assigned a dedicated team to manage the development of the 3,500-megawatt (MW) solar farm, they also needed to ‘get more investors into Terra Solar to help us in financing.’ ’As we get more involved in the project, we are getting to see the complexities flow from the execution of a project of this scale,’ Pangilinan said during the 2023 earnings briefing of Manila Electric Co. (Meralco).

MGen Renewable Energy Inc. (MGreen), the renewable energy arm of Meralco, in December acquired 50.5 percent of the shares of SPNEC, which owns 100 percent of Terra Solar.

MGreen later raised its stake to 55.96 percent, while businessman Leandro Leviste stepped down as president and CEO and was elected vice chair.

This placed MGreen at the helm of the Terra Solar project that will be integrated with a 4,000-megawatt-hour battery energy storage system. SPNEC broke ground for the mammoth project last Jan. 1.

According to Pangilinan, they are in the process of talking to potential foreign investors for the equity sale.

However, Pangilinan said that among the ‘complexities’ they had so far encountered was the relatively high cost of acquiring materials needed for the battery storage system.

. . . .

Also yet to be completed is land acquisition for the project that is expected to cover 3,500 hectares in the provinces of Nueva Ecija and Bulacan.

Pangilinan said about half of the total land was already titled, but they also needed to acquire more land to connect the solar farm to the transmission facilities of National Grid Corp. of the Philippines.

. . . .“

The Company hereby clarifies the following:

1. Plans to sell its 40 percent equity in Terra Solar Philippines Inc. to foreign investors for additional funding;

We are currently looking for investments, but at the Terra Solar Philippines, Inc. (TSPI) level. We have just launched the process and are still in discussions with various possible investors

2. SPNEC’s additional acquisition of land in Nueva Ecija and Bulacan

We confirm that we are in the process of acquiring the necessary lands for the project in the province of Nueva Ecija and Bulacan.

We trust that we have clarified the request for information for the benefit of the investing public. We will apprise the Exchange for any further developments on this matter.

Thank you.

Very truly yours,
SP NEW ENERGY CORPORATION
Other Relevant Information

Please see attached letter
Filed on behalf by:
Name Arrenz Joseph Magnabihon
Designation Head, Investor Relations and Corporate Communications