SP New Energy Corp. (SPNEC), now under the Pangilinan group of companies, has turned profitable this year after its consolidated net income soared to P156.67 million in the first quarter of the year—a major turnaround from a net loss of P24.56 million in the same period last year.

In a stock exchange report on Monday, the company disclosed that its net income attributable to the parent company clocked in at P47.50 million driven by a surge in revenue that hit P344.38 million.

SPNEC’s profitable first quarter was buoyed by its recent acquisition of operational assets such as the Calatagan and Tarlac solar farms, which will be utilized for the energization of Terra Solar Philippines.

SPNEC has secured more than 3,000 hectares for its projects, mainly in Nueva Ecija and Bulacan. Most of these areas have been converted for industrial use.

Last week, SPNEC chairman Manuel V. Pangilinan said the company intends to complete the sale of up to 40 percent of Terra Solar to two potential investors this year to raise funds for its large-scale solar farm venture in Nueva Ecija and Bulacan provinces—touted as the world’s largest solar project.

“(We are) now talking to several foreign investors. So, nothing definite yet (but that will be) within the year. We still have a meeting. We will sell up to 40 percent of Terra Solar,” Pangilinan said in a chance interview.

Pangilinan said the company is presently talking to five prospective investors but it will only choose two with technical expertise.

SPNEC’s proposed solar farm under Terra Solar Philippines will consist of 3,500 megawatts, or MW, of solar panels and a 4,000-megawatt-hour (mWh) battery energy storage system.

According to Pangilinan, SPNEC has mobilized a team specifically dedicated to executing the solar farm project and ensuring its timely completion in 2026.

Early this year, SPNEC started clearing the site in anticipation of building the project's interconnection facilities with the National Grid Corporation of the Philippines.

Over 5 million solar panels will also be installed to meet the construction timeline.