Solar Philippines Nueva Ecija Corporation’s (SPNEC) listing in the Philippine Stock Exchange (PSE) last December has attracted significant foreign investments, as the stock market r

ecently recorde d Php74.9 million in offshore funds.

Foreign environmental, social, and governance (ESG) investors are expressing interest in renewable energy, Abacus Securities Corporation head of research Raymond Neil Franco said in a report by The Philippine Star. 

Franco noted that he was intrigued by offshore capital inflow into SPNEC given that overall foreign interest in the Philippines remains “anemic” and that the Leandro Leviste-led firm was quite small. Nonetheless, he added that said ESG investments are growing globally and one of the biggest segments of the market is renewable energy.

SPNEC is the developer of the 500-megawatt “solar ranch” in Peñaranda, Nueva Ecija. Just before Christmas, it announced plans to expand the project by 1,000 hectares through a joint venture, though the partner has yet to be named.

Franco also mentioned that foreign funds are often long-term investors, which is a good sign for Solar Philippines.

Another analyst, 2TradeAsia head Grace Cerdenia, said many investors welcomed SPNEC’s ass

et-for-share swap with its parent firm. However, she said she’s uncertain if Solar Philippines itself has a ten-gigawatt capacity.

SPNEC, which debuted in the PSE at Php1 per share on December 17, ended its trading this Thursday at Php1.60 apiece.