SP New Energy
- Company typePrivate
- Founded2013
- HeadquartersMakati, Philippines
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
SP New Energy firmographics
Firmographics- Name
- SP New Energy
- Legal name
- SP New Energy Corporation
- Website
- https://spnec.ph
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
SP New Energy industry classification
Industry- Product category
- Utility-Scale Solar Power Generation
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)
- akta.pro secondary industries
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Renewable Energy Industrial Facilities Construction (Solar, Wind, Storage) (IMAFADAD)
Keywords
Where SP New Energy is headquartered
LocationHeadquarters
- HQ city
- Makati
- HQ country
- Philippines
- HQ region
- Asia
Offices1 record
Markets served
SP New Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Solar Project Development: Development and operation of utility-scale solar projects generating electricity for sale to utilities, grid operators, and through power supply contracts. Revenue is generated through long-term energy contracts and project development fees.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
SP New Energy product offering
Product offeringCore offering
SP New Energy Corporation develops utility-scale solar power projects with integrated battery energy storage systems, anchored by the Terra Solar Project — a US$3.5 billion initiative described as the world's largest integrated solar-plus-battery storage project. The company offers project financing, specialised engineering, and installation services for large-scale renewable energy deployment in the Philippines, selling electricity and project equity to utilities, grid operators, and infrastructure investors under long-term power supply contracts.
Product overview
SP New Energy Corporation (SPNEC) is a Philippine solar project developer operating as a platform for renewable energy development. The company's primary offering is the Terra Solar Project, a massive solar-plus-battery storage initiative positioned as the world's largest integrated renewables and energy storage project. The company operates as a solar development platform, with its shares traded on the Philippine stock exchange and majority ownership held by Meralco following strategic acquisitions.
Differentiator
Problem solved
Functional benefit
Products and services
- Terra Solar Project
- Solar Project Financing Services Financing services for solar and renewable energy projects, supporting the capital-intensive development of utility-scale solar installations in the Philippines. Targeted at large-scale energy projects and infrastructure investors.
- Specialised Solar Engineering Services Specialised engineering services for utility-scale solar power projects, encompassing design and technical expertise for large-scale renewable energy deployments in the Philippine market.
- Solar Installation Services Installation services for utility-scale solar power generation facilities, supporting the deployment of large renewable energy projects and battery energy storage systems across the Philippines.
Quantifiable outcome
- 17,000 megawatts in power supply contracts (subsequently canceled by DOE)
Companies that use SP New Energy
Customer profileSegments2 records
Ideal customer profiles2 records
SP New Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
SP New Energy partnerships and signals
Strategic signalScale indicators5 records
Recent moves5 records
Expansion highlights4 records
SP New Energy competitors and assessment
Company assessmentBroad incumbents
- Adani Green Energy: Adani Green Energy is one of the world's largest renewable energy developers with multi-gigawatt utility-scale solar and wind portfolios and integrated battery storage. It is comparable to SPNEC in mega-project scale and integrated solar-plus-storage strategy, though operating across India rather than Southeast Asia.
- ENGIE Renewables: ENGIE is a global energy major with a large renewable energy development pipeline including utility-scale solar and battery storage across Asia-Pacific. It overlaps with SPNEC's utility-scale solar-plus-storage development model and emerging-markets focus, but operates as part of a broader, diversified energy portfolio.
Direct peers
- Aboitiz Power Corporation: Aboitiz Power is one of the Philippines' largest private power generators with an aggressive pivot into renewables, including large-scale solar and battery storage. It competes head-to-head with SPNEC for utility-scale project awards, PSAs, and grid-balancing capacity in the Philippine power market.
- ACEN Corporation: ACEN is the listed renewable energy arm of Ayala Corporation and the largest renewable energy developer in the Philippines, with a multi-gigawatt portfolio of solar, wind, and battery storage projects. It directly competes with SPNEC for utility-scale renewable contracts, grid-scale battery integration opportunities, and corporate offtake agreements in the Philippine market.
- First Gen Corporation: First Gen operates a portfolio of renewable and clean energy assets in the Philippines, including hydro, geothermal, solar, and battery storage. It is a comparable Philippine renewable energy developer with overlapping utility-scale project pipeline and similar offtake structure via long-term power supply agreements.
- Solar Philippines: Solar Philippines is the founder Leandro Leviste's separate solar venture, focused on rooftop and distributed solar. It is a Philippine solar peer with shared DNA from the same founder and overlapping customer base in the Philippine solar market, though differentiated by distributed rather than utility-scale focus.
- Energy Development Corporation: EDC is the Philippines' largest geothermal power producer and a Lopez Holdings subsidiary that is expanding into solar and other renewables. It competes with SPNEC in renewable capacity expansion, grid-scale generation, and bilateral contracting with Philippine utilities and large offtakers.
- Scatec ASA: Scatec is a Norway-based renewable energy developer that finances, builds, owns, and operates utility-scale solar PV and battery storage projects in emerging markets under long-term PPAs. It is closely comparable to SPNEC in business model — project development, EPC, and asset ownership of large solar-plus-storage assets — and in targeting high-growth, renewables-driven grids.
Others
- Manila Electric Company (Meralco): Meralco is SPNEC's majority owner (57%+) and the Philippines' largest electric distribution utility. While not a direct competitor, it is the key offtake counterparty and capital source for SPNEC, providing the strategic anchor that differentiates SPNEC from other Philippine renewable developers.
Regional players
- Sunseap Group: Sunseap is a Southeast Asia-based solar developer with operations across Singapore, Vietnam, and other regional markets. It is a comparable utility-scale and distributed solar developer in the same Southeast Asian geography, though primarily focused on markets outside the Philippines.
Market position
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
SP New Energy social profiles
Digital presenceSP New Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
SP New Energy leadership team
Management profileNumber of profiles
SP New Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SP New Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SP New Energy
What does SP New Energy do?
SP New Energy Corporation develops utility-scale solar power projects with integrated battery energy storage systems, anchored by the Terra Solar Project — a US$3.5 billion initiative described as the world's largest integrated solar-plus-battery storage project. The company offers project financing, specialised engineering, and installation services for large-scale renewable energy deployment in the Philippines, selling electricity and project equity to utilities, grid operators, and infrastructure investors under long-term power supply contracts.
Is SP New Energy a public or private company?
SP New Energy is a private company. It is classified as public and is currently operating.
When was SP New Energy founded?
SP New Energy was founded in 2013. It employs 1,001 to 5,000 people.
Where is SP New Energy based?
SP New Energy is headquartered in Makati, Philippines, in the Asia region.
How does SP New Energy make money?
One revenue line is on record: solar Project Development.
Who are SP New Energy's main competitors?
Broad incumbents on record are Adani Green Energy and ENGIE Renewables. Direct peers are Aboitiz Power Corporation, ACEN Corporation, First Gen Corporation, Solar Philippines, Energy Development Corporation and Scatec ASA. Manila Electric Company (Meralco) is listed as an others. Sunseap Group is listed as a regional player.
Does SP New Energy have an API?
No public API is recorded for SP New Energy.
What industry is SP New Energy in?
SP New Energy's product category is Utility-Scale Solar Power Generation. Its primary akta.pro industry code is EUAEAAAG, Solar PV Power Plant EPC (Utility-Scale), with a secondary code of EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System). Its NAICS code is 221114 and its SIC code is 4911.