BUSINESS

SCUTTLEBUTT

Maria Bernadette Romero, TDT

SPNEC’s pivotal move

The entry of British private equity firm Actis, which has $13.5 billion worth of investments in renewable energy (RE) projects globally, into SP New Energy Corp.’s (SPNEC) mammoth P75-billion Terra Solar Project appears to have spurred investors to seriously evaluate the company.

Pundits were cautious about SPNEC while it awaited funding for Terra Solar but several fund managers said they are throwing “caution to the wind now that Actis has bought into the project, which would lower execution risk to minimal levels.”

Broker AP Securities said Terra Solar will be issuing primary shares to give Actis a 40-percent stake in the project, while retaining 100-percent ownership of the land. SPNEC’s stake is now valued at P58.7 billion.

The listed RE firm’s stake in Terra Solar would now be valued at around P50 billion, using the prevailing USD-PHP exchange rate of P55.70. Adding to that the P8.6-billion appraised value of the land as of 2Q 2024, this pegs SPNEC’s Terra Solar stake at P58.7 billion.

During the event where the Actis deal was announced, SPNEC Chairman Manny Pangilinan said Terra Solar was now between 60 percent to 67 percent complete and this will likely reach 80 percent to 90 percent completion by the end of the month.

Businessman Pangilinan further confirmed that the project’s first phase will come online by the first quarter of 2026, although this should be taken this with a grain of salt as commercial operations in the Philippines are often delayed by grid connectivity issues, according to broker AP Securities.

Aside from the Terra Solar project, SPNEC also has full ownership of the 63-MW SP Calatagan and the 150-MW SP Tarlac solar farms.

Grab taps AI for safety

With the peak road travel season during the holidays approaching, ride-hailing service Grab is ramping up the security of rides through its application with two new advanced safety features — audio protection and driver selfie verification.

“Safety is at the heart of everything we do. Our approach goes beyond the platform — we take an active approach to ensure everyone has a safe ride. We have ongoing dialogues with our passengers, driver-partners, and government stakeholders, taking an active role in ensuring safe rides across the industry,” Grab Philippines’ head of mobility EJ de la Vega said.

The features are innovative. Audio Protection allows users to opt-in for audio recordings during rides, securely storing them in case they are needed to resolve disputes or address safety concerns.

Through artificial intelligence (AI), this tool is expected to evolve by detecting in-vehicle audio signals in real-time to identify safety risks and enhance response mechanisms.

In addition, the new driver selfie verification will conduct random checks throughout the day to confirm driver identity, supplementing the pre-trip selfie checks already in place. This ensures that only registered drivers are operating on the platform.

These tools are part of Grab’s comprehensive safety suite, which includes the Safety Center with an Emergency SOS button, a Report an Issue function, and real-time trip monitoring. The app also allows passengers to share trip details with trusted contacts via the Share Your Ride feature.

In collaboration with the Philippine National Police, Grab said it is also offering road safety seminars, crime prevention workshops, and streamlined processes for driver clearance.

Additionally, in partnership with the Philippine Commission on Women, Grab has developed training modules to educate drivers on their rights and responsibilities under the Safe Spaces Act, promoting gender-sensitive and safe interactions.

As the holiday season draws near, Grab has committed to further enhance its safety measures to protect its users.