Solar Philippines Nueva Ecija Corporation, a unit of Leviste's Solar Philippines, has changed its corporate name to SP New Energy Corporation to reflect its massive expansion plans.

The change in the company's name became effective on the systems of the Philippine Stock Exchange starting Tuesday, 8 November.

According to the company, the change demonstrates its expansion from a single project in Nueva Ecija to a portfolio of projects nationwide — in support of its goal of completing the development of 10 gigawatts by 2025.

Just recently, SPNEC incorporated Terra Nueva, Inc., a wholly-owned subsidiary, to hold developments funded by its recent Stock Rights Offering.

"We have been working to use the SRO proceeds to create value from the development of our projects. We plan to give an update on the progress as we reach the two-month mark since our SRO," Solar Philippines founder Leandro Leviste said on Tuesday.

Proceeds from SPNEC's SRO will be used for project development, including the acquisition of land in Nueva Ecija and Bulacan that may be utilized for its projects.

One of these projects is Terra Solar Philippines, Inc., a joint venture project of Solar Philippines that signed a Power Supply Agreement with Meralco last 24 October.

Under the PSA, Terra Solar would supply 850 MW of mid-merit for around 12 hours per day from a planned 3.5 GW solar, 4.5 GWh battery project in Nueva Ecija and Bulacan.