Solar Philippines Nueva Ecija Corp. (SPNEC) is looking to raise funds through a stock rights offer (SRO), to start developing the assets that its mother company, Solar Philippines Power Project Holdings Inc., is infusing into the company.
Pending the final approval from regulators of the asset infusion through an asset-for-share swap and an increase in authorized stock of the company, SPNEC will prioritize the development of projects comprising 4 gigawatts (GW) of the 10GW that will be infused, it said.
“Rather than wait for the effectivity of the increase in authorized capital stock and issuance of new shares in exchange for Solar Power’s shares in its projects, and in line with approvals already obtained for these, Solar Power would grant SPNEC the option to accelerate the development of the project site using the proceeds of an SRO,” Solar Power said in a statement.
“This would support SPNEC in making the first of these projects construction-ready by the end of 2023, so that SPNEC may benefit from these sooner and significantly increase its capacity,” it added.
Solar Power said it has spent “years developing over 10 GW of projects, which are subject to share swap with SPNEC and are reserved for joint ventures with various companies.”
