SPNEC stock rights offer gets nod
Listed solar Philippine Nueva ecija Corp. (SPNEC) on Wednesday said it secured the green light from the securities and exchange Commission (sec) for its planned stock rights offering (SRO).
in its disclosure, SPNEC said the regulator gave its go signal by confirming that the transaction is exempt from the registration requirements under the securities Regulation Code.
SPNEC hopes to raise some P2.8 billion to P3.3 billion from the SRO, which is a share sale offered to the company’s existing stockholders in proportion to their shares held as of the planned record date of August 25, with the ex-date planned to be on August 22. the deal is subject to the approval of the Philippine stock exchange.
SPNEC said the sec issued the Confirmation of exempt transaction on July 19. it filed its documents for the said exemption on April 8.
Proceeds of this SRO would be allocated towards project development, including securing land and off-take agreements, in support of spnec’s goal of developing 10 gigawatts of solar projects by 2025, the company said.
the company is also increasing its authorized capital stock and assetfor-share swap with its parent company solar Philippines inc.
its projects include the 3.5 GW solar, 4.5 GWH battery terra solar project, which plans to supply Manila electric Co. with 850 megawatts of mid-merit.
Also included are projects that participated in the department of energy’s green energy auction, in which solar Philippines won 70 percent of the auction’s renewable energy capacity—1,380 MW out of 1,967 Mw—and 91 percent of all the solar capacity—1,350 MW out of 1,490 MW.
these developments have brought the total capacity of substantially contracted solar Philippines projects to over 6 GW, compared to just over 1.3 GW of total solar installed capacity in the Philippines as of the end of 2021 according to figures from the department of energy.
“When we began talking about 10 GW, many were in disbelief, because the total installed solar capacity of the Philippines last year was just over 1.1 GW. But we hope that having contracts for the majority of 10 GW has now made this plausible,” said solar Philippines founder Leandro Antonio L. Leviste.
“We were fortunate to have been at the right place at the right time, developing these projects since 2016. Now we have contracted this capacity, we look forward to work with other companies and stakeholders to deliver these projects and help achieve our country’s targets for renewable energy.”