Solar Philippines Nueva Ecija Corp. (SPNEC) stockholders have approved the increase in capital stock of the company to 50 billion shares from the current 10 billion shares.
The approval paves the way for the facilitation of the P60.92 billion asset-for-share swap of the company with its mother company’s10,000 megawatts (MW) solar power portfolio.
The asset covers over 20 entities, which SPNEC will acquire from Solar Philippines for P60.92 billion worth of shares.
SPNEC said it will give Solar Philippines assets 24.37 billion shares at an issue price of P2.50 per share. It closed Monday’s trading at P1.99, down from Friday’s P2.12.
“These include solar farms in Batangas, Tarlac, and Cavite with a combined 163 MW in operations and 240 MW for expansion, from which Solar Philippines has sold shares at project valuations of over P20 million per MW. Along with additional capacity from these, our rooftop portfolio, and the Nueva Ecija solar farm, SPNEC aims for its developments to reach 1 GW of operational capacity by the end of 2023,” the company said.
“Moreover, these companies have DOE 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,” it added.
SPNEC said through these assets, it aims to create P15 million per MW of value by 2025.
