The Philippine Stock Exchange (PSE) has approved Solar Philippines Nueva Ecija Corp.’s P3.3 billion stock rights offering.
SPNEC is looking to offer to shareholders 1.88 billion option shares a price range of P1.50 to P1.76 apiece, the proceeds of which it said it will use to finance project development of its planned 10-gigawatt (GW) of solar projects by 2025.
The SRO will be offered to existing stockholders as of Aug. 25, 2022.
The proceeds of SPNEC’s planned SRO would primarily go to preparing sites for 4 GW of projects, and prioritize the requirements of its joint venture with Prime Infra, Terra Solar Philippines Inc.
Terra Solar plans to construct 3.5 GW of solar and 4.5 GWh of battery storage to supply Meralco 850 MW from 8 a.m. to 9 p,m. on a firm basis like a conventional mid-merit power plant. 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.
