SPNEC considering SRO for 10GW expansion

solar ph logo-solar ranch

Aside from its planned asset-for-share swap with its parent firm and the formation of joint ventures, Solar Philippines Nueva Ecija Corporation (SPNEC) may be conducting a stock rights offering (SRO).

SPNEC’s plan to perform the SRO would depend on whether the asset-for-share swap plan with parent company Solar Philippines would be approved.

Through the SRO, the asset-for-share swap, and the joint ventures, SPNEC targets to expand its portfolio to ten gigawatts (GW).

As for the formation of the joint ventures, SPNEC looks to complete them by the end of the year. 

“Our aim is not to compete with the country’s power companies, but to make it easier for them to build solar projects, so that together, we can make solar the largest source of energy in the Philippines,” Solar Philippines founder Leandro Leviste said in a statement

SPNEC, the developer of the 500MW “solar ranch” in Peñaranda, Nueva Ecija, listed in the Philippine Stock Exchange (PSE) last December at Php1/share. The Leviste-led firm ended trading in the PSE at Php2.07/share on Wednesday.