{"id":330862,"date":"2024-12-12T23:19:09","date_gmt":"2024-12-12T15:19:09","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=330862"},"modified":"2024-12-12T23:19:17","modified_gmt":"2024-12-12T15:19:17","slug":"trade-the-news-spnec-to-borrow-p180-2-billion-to-bankroll-solar-energy-projects","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-spnec-to-borrow-p180-2-billion-to-bankroll-solar-energy-projects\/","title":{"rendered":"Trade the News: SPNEC to borrow P180.2 billion to bankroll solar energy projects"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>SP New Energy Corp.<\/td><\/tr>
Stock Code<\/strong><\/td>SPNEC<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 1.40<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

SP New Energy Corp. (SPNEC) is borrowing a total of P180.2 billion from local banks to bankroll its massive solar energy projects. SPNEC will pledge its shares in its wholly owned subsidiaries \u2013 Terra Solar Philippines, Inc. (TSPI) and Terra Nueva, Inc. (TNI) \u2013 as collateral for the loans.<\/p>\n\n\n\n

TSPI is borrowing up to P160.2 billion from BDO Unibank, Security Bank, China Banking, Philippine National Bank, Bank of the Philippine Islands and Metropolitan Bank & Trust Company.<\/p>\n\n\n\n

The money will be used to build 3,500-megawatt peak (MWp) solar power plant and a 4,500-megawatt-hour (MWh) battery energy storage system (BESS) in Nueva Ecija, and related transmission lines; pay off bridge loans; and cover other costs related to the project.<\/p>\n\n\n\n

TNI will borrow up to P20 billion from Security Bank, Chinabank and PNB. The loan will be used to fund land acquisition costs; meet capital commitments to TSPI; and repay bridge loans.<\/p>\n\n\n\n

TNI will own the project site, which will be leased to TSPI for the development of the solar energy facilities.<\/p>\n\n\n\n

The Terra Solar Project, with an estimated cost of P200 billion, is slated for completion between 2026 and 2027.<\/p>\n\n\n\n

Recently, Actis Capital, a global leader in sustainable infrastructure investment, pledged $600 million to support the project.<\/p>\n\n\n\n

SPNEC will create a security interest over its shares in TSPI and TNI, allowing the banks to claim or sell the shares if the loans are not repaid.<\/p>\n\n\n\n

The company plans to hold a special stockholders\u2019 meeting on January 25 to seek approval for this borrowing arrangement. SPNEC will hold a special stockholders\u2019 meeting to get approval of the borrowing plan.<\/p>\n\n\n\n

Pangilinan\u2019s MGEN Renewable Energy, a wholly-owned subsidiary of Meralco, owns 54 percent of SPNEC while millennial bilyonaryo Leandro Levist owns 27 percent.<\/p>\n\n\n\n

The other major investor in SPNEC is Asia Pacific Institute for Green Development Inc. with six percent.<\/p>\n\n\n\n

(News Source: Bilyonaryo<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-330862","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=330862"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330862\/revisions"}],"predecessor-version":[{"id":330864,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330862\/revisions\/330864"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=330862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=330862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=330862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}