SPNEC shares swap gets stock owners’ OK

SPNEC would issue 24.37 billion shares at P2.50 per share in exchange for the shares of its parent firm Solar Philippines in over 20 companies

Solar Philippines Nueva Ecija Corporation (SPNEC) will increase its authorized capital stock from 10 billion shares to 50 billion shares following the approval of its stockholders of the capitalization program on Monday.

The company said the move is part of its long-term plan of expanding the group’s footprint of clean energy and advancing the interest of its public investors.

Based on its Comprehensive Corporate Disclosure, SPNEC would issue 24.37 billion shares at P2.50 per share in exchange for the shares of its parent firm Solar Philippines in over 20 companies.

These include solar farms in Batangas, Tarlac and Cavite with a combined 163 megawatts in operations and 240 MW for expansion, for which Solar Philippines has sold shares at project valuations of over P20 million per MW.

Target: 1GW capacity

Along with additional capacity from rooftop solar facilities and the Nueva Ecija solar farm, SPNEC aims for its developments to reach one gigawatt (GW) of operational capacity by the end of 2023.

Moreover, these companies have Department of Energy solar energy service contracts with over 10 GW of potential capacity, or over two-thirds of the total capacity of the Awarded Solar Projects as of 31 December 2021.

While many of these projects will not materialize, and particular project plans are subject to change, Solar Philippines said it spent years working to progress developments with over 10-GW of potential capacity.

Considering this, SPNEC aims to create P15 million per MW of value from 10 GW of developments by 2025.

Moving forward, SPNEC said it will focus on being a project developer and not an Independent Power Producer.