C05988-2024

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)
Sep 11, 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 Article
Source BusinessMirror (Online Edition)
Subject of News Report SPNEC eyes other sites for solar project
Date of Publication Sep 11, 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: ATTY. STEFANIE ANN B. GO
Officer-in-Charge, Disclosure Department

RE: Clarification of News Article

Dear Atty. Go,

We write in reply to the correspondence of the Exchange dated September 11, 2024, addressed to SP New Energy Corporation (“SPNEC” or the “Company”), requesting for clarification and additional information in connection with news article entitled article entitled “SPNEC eyes other sites for solar project” posted in BusinessMirror (Online Edition) on September 11, 2024, it was reported that:

“The Pangilinan-led SP New Energy Corp. (SPNEC) will pursue its planned 280-megawatt (MW) solar power project, but in a different location.

SPNEC earlier asked the Department of Energy (DOE) for the termination of the solar power contract that was awarded to the company during the first round of the green energy auction (GEA) program.

The Sta. Rosa Nueva Ecija 2 solar power project was supposed to deliver 280MW by December 25, 2025 at an offered rate of P3.6700 per kilowatt hour (kWh). However, transmission line constraint, “which is beyond our control,” promoted the company to seek for a termination of the contract.

The Department of Energy (DOE) said the termination request was not resolved and that SPNEC cited force majeure as reason for the request.

. . .

Company president and CEO Emmanuel Rubio said the plan now is to relocate the solar power project.

‘We’re looking for possible replacement of the capacity but in a different location,” he said. “I don’t know when that transmission line is going to be available.’

He, however, did not specify the areas under consideration.

. . .

‘We are now drafting a reply, looking for a legal basis. We are actually willing to replace the capacity in other areas where we can evacuate the energy. But we will ask DOE if they can consider a certain level of repricing and we are willing to accept some concessions on the penalties but not the bond.’

. . . .”

The Company hereby confirms the statement but clarifies that the Company continues to work with the DOE on a way forward for the Project.

Further, the Company hereby provides the following additional information as requested by the Exchange:

Point of Clarification Response
1. SPNEC’s receipt of a response from the DOE on its termination request, including any relevant information regarding the same; In a letter dated 21 August 2024, the Department of Energy (DOE) denied the request of the Company to terminate and be released from its obligations under the Green Energy Auction Program (“GEAP”).

The DOE took the position that the difficulty in exporting power from the proposed facility was a risk assumed by the Company, and therefore no force majeure can be claimed.
2. The relocation of SPNEC’s 280-megawatt solar power project The Company is currently studying possible options to address the impact of the non-delivery of the GEAP-offered capacity, including finding replacement capacity in a different location.
3. The effect of the relocation on the Company’s business and operations We do not foresee any effect on the business or operations of the Company should it find alternative sources for the capacity under the GEAP.
4. Other relevant information in relation to the foregoing None.

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