Solar Philippines Power Project Holdings Inc. said it is willing to swap its 10,000 megawatts solar power portfolio with shares in listed unit Solar Philippines Nueva Ecija Corp. (SPNEC) at three times SPNEC’s current outstanding shares – SPNEC currently has 8.12 billion shares.
“SPNEC has not yet approved any asset-for-share swap, which is subject to a third-party valuation and fairness opinion by an independent financial advisor. SPNEC has also set a stockholder’s meeting for March 7, 2022 to approve the increase of its authorized capital stock from 10 billion to 50 billion shares, which would be required for the proposed issuance of shares in exchange for solar projects,” Solar Philippines said.
“While this evaluation is ongoing, Solar Philippines is reserving the subject assets for the potential asset-for-share swaps with SPNEC, in the interest of giving this opportunity to SPNEC’s public shareholders,” the company said.
Solar Philippines said it has began developing its pipeline since 2015, “in anticipation of the day when this demand would come.”
Its portfolio now comprises over 20 solar project companies, which include over 400 MW already operating or under construction. “Certain projects are at a similar stage as SPNEC’s 500 MW development, while others are planned to begin operations a later date given their scale,” it said.
Solar Philippines’ unit SPNEC recently raised P2.7 billion through an initial public offering to partly fund the phase one of its 500 MW Nueva Ecija Solar Farm.
“We are thankful for the level of interest in SPNEC, even as a single pre-operating project.
At the same time, we note the feedback that adding our already operating or contracted projects would make SPNEC even more attractive,” said Leandro Leviste, Solar Philippines founder.
