C02850-2024

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)
May 8, 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
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 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 manilastandard.net
Subject of News Report SPNEC plans to welcome 2 foreign partners this year
Date of Publication May 7, 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 plans to welcome 2 foreign partners this year

Dear Mr. Moreno,

We write in reply to the email of the Exchange dated 08 May 2024, addressed to SP New Energy Corporation (the “Corporation”), requesting for additional information in connection with the “SPNEC plans to welcome 2 foreign partners this year”.

This refers to the Exchange's letter dated 08 May 2024, seeking clarification of the news article entitled “SPNEC plans to welcome 2 foreign partners this year” posted in manilastandard.net on 07 May 2024, the article reported in part that:

“SP New Energy Corp. (SPNEC) expects to take in ‘at most’ two foreign partners in Terra Solar Philippines Inc. within the year, an executive said Tuesday.

SPNEC chairman Manuel Pangilinan said the company was in talks with three to five prospective partners who would likely take a 40-percent stake in Terra Solar.

Terra Solar is developing a solar farm in Nueva Ecija and Bulacan with 3,500 megawatts of solar panels and 4,000 megawatt-hours of batter energy storage that require investments of about P200 billion.

. . . .

Pangilinan said they were looking at trimming down the prospective partners to two companies taking a 20-percent stake each.

. . . .

‘We will have to get in new investors into the Terra Solar project company level to help us with the financing of the total project because the estimated cost is about P200 billion to implement the project in full,’ Pangilinan said.

. . . .

’Most likely foreign investors will come in for an up to 40-percent equity stake at the Terra Solar level,’ Pangilinan said.

. . . .

’We intend to meet our targets, which is our commitment to the government to energize this by 2026,’ he said.

. . . .“

The Corporation hereby clarifies the following:

1. Possible sale of 40% stake in Terra Solar Philippines, Inc. to foreign investors.

We confirm that the Corporation remains committed in finalizing a deal with a Strategic Investor for Terra Solar Philippines, Inc. (TSPI). We continue to endeavor and pursue potential partners for TSPI, chiefly those that would bring in strategic and financial advantage for the development of the project.

2. SPNEC’s commitment to reach its target for 2026.

We affirm our commitment to energize the Terra Solar Project by 2026

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