MANILA - Solar Philippines Nueva Ecija Corp on Tuesday said its board has approved the change in corporate name to SP New Energy Corp to reflect its expanded business.

The change is subject to stockholder and regulatory approval, the renewable energy firm said in a disclosure to the stock exchange.

SPNEC said the name change reflects its expansion from a single project in Nueva Ecija to a portfolio that includes other projects in line with its goal of reaching 10 GW by 2025.

It earlier said it would implement an asset-for-share swap with parent Solar Philippines, which it said is moving forward. It will also launch its Stock Rights Offering (SRO) with an offer period from Aug. 30 to Sept. 5, it said.

SPNEC stands to gain a "portfolio of projects" upon the completion of the asset-for-share swap.

"We see these corporate actions as being about more than just our company, but the energy mix of our country," Solar Philippines founder Leandro Leviste said.

The Philippine Stock Exchange earlier said SPNEC was the first renewable energy company to list under the supplemental listing rules which took effect on Sept. 28, 2011.

The supplemental rules allow renewable energy companies in the development stage to list, easing the general 1-year operating requirement and creating a more accessible investing environment, the Securities and Exchange Commission said.

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