SP New Energy Corp. (SPNEC) was back in the black in the first half of 2024, posting a net income of P339.4 million as of end-June against the P35.75 million loss incurred a year earlier, driven by a more than 10-fold surge in revenues.

In unaudited quarterly results filed with the Philippine Stock Exchange (PSE) last week, SPNEC said revenues surged more than 10 times year-on-year to P717.45 million from P64 million on higher power sales from its business units.

This was achieved despite a sharp rise in the cost of electricity sales, which jumped to P220.6 million from P37.34 million last year, amid higher depreciation and insurance costs.

Last month, Manila Electric Co. (Meralco) Chairman and Chief Executive Officer Manuel V. Pangilinan was quoted as saying that Meralco was open to buying more shares in SPNEC given the strong business possibilities presented by the latter's Terra Solar energy project.

"Yeah, sure. If it's open, why not? It's a good project. It owns 100 percent of the Terra Solar project for now, right? It is the largest, single-site solar facility in the world, and the Philippines should be proud of that," Pangilinan told a July media briefing.

"It's a very complex and huge undertaking. And I believe that once the entire 3,500-megawatts [facility] is built if we send you to outer space, you can take a photo of that facility from there," he added.

PSE records show that as of April 12, 2024, SPNEC is 35.7 percent owned by MGen Renewable Energy Inc., 37.93 percent owned by SP Project Holdings, and 3.2 percent owned by Metro Pacific Investments Corp.

MGen Renewable is a wholly owned subsidiary of Meralco Powergen Corp., a business unit under Meralco. Together with its affiliates, MGen currently owns nearly 56 percent of SPNEC.

SPNEC shares on Friday closed at P1.03 each, up by 1.98 percent.