SPNEC set mid-August deadline for Terra Solar offers
SP New Energy [SPNEC 1.03, up 3.0%; 90% avgVol] [link] clarified a news report that SPNEC was looking to “secure foreign investments for its P200-billion Terra Solar development as early as October this year.” The PSE asked SPNEC to clarify the information and timeline. SPNEC confirmed that it is “committed to finalize a deal with a Strategic Investor... in 2024”, but clarified that its deadline for receiving binding offers is “set in mid-August” and that SPNEC board approval of moving forward with a particular offer “will likely be in September.” SPNEC is led by Manny V. Pangilinan (MVP) and owned by Meralco [MER 390.00 unch; 47% avgVol]. The company is looking to sell up to 40% of its massive Terra Solar project to finance that project’s development after the company’s previous owner, Leandro Leviste, failed to maintain a partnership with Enrique Razon and failed to find an alternative funding source.
