SPNEC books P5.7-b income following entry of Meralco unit

Defining the News

Renewable energy firm SP New Energy Corp. booked a net income of P5.7 billion in 2023, a sharp turnaround from net loss of P40.4 million recorded a year ago, driven by a recent acquisition.

“The numbers reflect the growth resulting from Meralco’s investment in SPNEC, as it gears up to build the P200 billion Terra Solar project,” SPNEC said.MGen Renewable Energy acquired a 50.5-percent stake in SPNEC in December 2023 for P15.9 billion. MGreen is a wholly owned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MlaStandard /  🏆 20. in PH

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lawmakers file resolution to probe ‘illegal’ Bohol resortDefining the News
Read more »

Israeli firm to hold 3D seismic survey of East Palawan BasinDefining the News
Read more »

Converge ICT’s profit rose 22% to P9b in 2023Defining the News
Read more »

BPI returning to global bond market to raise at least $300mDefining the News
Read more »

Megawide, Holcim renew exclusive cement supply dealDefining the News
Read more »

DILG chief consults with Metro LGUs to address trafficDefining the News
Read more »