The Securities and Exchange Commission (SEC) has approved Solar Philippine Nueva Ecija Corp.’s (SPNEC) stock rights offer (SRO), exempting the fund raising from filing registration requirements under the Securities Regulation Code.
SPNEC is looking to raise P2.8 billion to P3.3 billion though the rights offer, 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 to be the ‘world’s largest solar project’ and would be more than triple the total capacity of solar power operating in the Philippines today. This also serves as a template for how large-scale developments combined with battery storage can help the Philippines transition into higher levels of renewable energy penetration,” Leandro Leviste, SPNEC chairman, earlier said.
The shares of Solar Philippines in Terra Solar are among the assets subject to the share swap that would see SPNEC expand to become a portfolio of over 10 GW of developments aimed to be funded from the aggregate of the company’s planned share issuances.
Terra Solar project, which plans to supply Meralco 850 MW of mid-merit.
Other SPNEC projects in the pipeline include projects under Department of Energy’s Green Energy Auction, in which SPNEC mother company Solar Philippines won 70 percent of all the auction’s renewable energy capacity (1,380 MW out of 1,967 MW) and 91 percent of all the solar capacity (1,350 MW out of 1,490 MW).
