The Philippine Stock Exchange (PSE) has approved the stock rights offering of Solar Philippines Nueva Ecija Corporation, the renewable power company founded by Leandro Leviste, worth up to P3.34 billion.
The PSE also approved the proposed SRO timetable, with an Ex-Date of August 22, 2022, Record Date of August 25, 2022, and Offer Period from August 30, 2022 to September 5, 2022.
SPNEC is offering 1.9 billion of its shares to eligible shareholders at P1.50 to P1.76 per share, according to its prospectus as of July 11, 2022.
From the offer, SPNEC is looking to raise P2.8 billion to P3.3 billion to be allocated toward project development (including securing land and off-take agreements).
This will be in support of SPNEC’s goal of developing 10 GW of solar projects by 2025, enabled by SPNEC’s increase in authorized capital stock and asset-for-share swap with its parent company, Solar Philippines.
The company’s developments include the 3.5 GW solar, 4.5 GWh battery Terra Solar project, which plans to supply Meralco 850 MW of mid-merit.
This has been touted as the “world’s largest solar project” and would be more than 2X the total capacity of solar operating in the Philippines today.
These also include projects that were contracted in the Department of Energy’s Green Energy Auction, in which Solar Philippines won 70 percent of all the auction’s renewable energy capacity (1380 MW out of 1967 MW) and 91% of all the solar capacity (1350 MW out of 1490 MW).
The share of Solar Philippines in these projects are among the assets that would be owned by SPNEC after the share swap, in support of SPNEC’s goal of developing over 10 GW of solar projects, enabled by the company’s planned share issuances.