Solar Philippines has disclosed yesterday that it was able to secure a large parcel of land (2,000 hectares) to be use in its plan to build the worlds largest solar farm in the world.

The news came after the successful completion of its stocks right offering. After the SRO, the stock price of SPNEC has dropped significantly by as much as 30%. After the recent run up of the market however its stock price recovered and was not up by at least 20% from its bottom.

“We expect the updated tally to be reflected in our next quarterly report, from which our public shareholders should have a better appreciation of the assets in SPNEC,” Solar Philippines founder Leandro Leviste said.

Yesterday trading stock price of SPNEC closed by up to 4.80% closing at 1.31 pesos per share.

SPNEC stock price chart

On its stock rights offering prospectus, SPNEC has noted that proceeds of the sale would be use to acquire lands in Nueva Ecija and Bulacan. These includes other projects that SPNEC would own shares in part of its assets for share swap.

One of these projects is Terra Solar Philippines, Inc. (Terra Solar), a joint venture project of Solar Philippines that signed a Power Supply Agreement (PSA) with Meralco on October 24 2022. 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.

At over 2000 hectares, the properties secured by Solar Philippines could fit a project that would exceed the capacity of India’s Bhadla Solar Farm, currently the world’s largest solar farm at over 2.2 GW; as well as exceed the capacity of the total grid-connected solar operating in the Philippines according to the Department of Energy’s latest figures as of August 2022


Enrique Razon’s ICTSI company recorded robust gains for the 9 month of the year, with a 47% year over year income of $465.1 Million. It said the growth in earnings were due to globally diversified O&D portfolio driving the strong performance.

In summary here are the earnings performance of ICT

Throughput grew 7% to 8.9 million TEUs
Revenues increased 20% to US$1.6 billion
EBITDA 25% higher to US$1.0 billion
Diluted EPS surged 63% to US$0.215

As of this writing prices broke out of its 100 day moving average and is being traded at 188.5/share.

ICT stock price chart

International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the nine months of 2022 posting revenue from port operations of US$1.64 billion, an increase of 20 percent from the US$1.37 billion reported for the same period in 2021.

Earnings  Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$1.04 billion, 25 percent higher  than the US$829.4 million generated the first three quarters last year.

Net income attributable to  equity holders of US$465.1 million, 47 percent more than the US$316.4 million earned in the first nine months of 2021 primarily due to higher operating income, net foreign exchange gain, equity share in net profit of joint ventures, and interest income.  

Partially tapered by increase in interest on loans, lease liabilities and concession rights payable, and depreciation and amortization charges.

Diluted earnings per share for the first nine months of 2022 was 63 percent higher at US$0.215 compared to US$0.132 in the same period in 2021.

For the quarter ended September 30, 2022, revenue from port operations increased 20 percent from US$482.4 million to US$576.7 million.

EBITDA was 23 percent higher at US$365.9 million from US$296.9 million; and net income attributable to equity holders was at US$170.7 million, 43 percent more than the US$119.7 million in the same period in 2021.

Diluted earnings per share for the third quarter of 2022 was 55 percent higher at US$0.080 compared to US$0.052 the same period in 2021.