Solar Philippines Nueva Ecija Corporation (SPNEC) has been given the go signal to conduct its Php3.3 billion stock rights offering (SRO).
SPNEC is eyeing to offer the shares within the price range of Php1.50 to Php1.76 per share, according to its disclosure to the Philippine Stock Exchange (PSE).
The SRO will include 1.7 billion shares and will be offered from August 30 to September 5. Shareholders as of SPNEC’s August 25 record are entitled to avail of the shares.
The Leandro Leviste-led company is looking to raise Php2.8 billion to Php3.3 billion from the SRO. Proceeds from the offering will be used for project development which includes securing land of off-take agreements as part of SPNEC’s goal to develop 10 gigawatts (GW) of solar projects by 2025.
SPNEC is among the winning bidders in the Department of Energy’s (DOE) Green Energy Auction Program (GEAP). The company was awarded 1,380 megawatts (MW) or the majority of the 2,000 MW total bid capacity. These include: the 200-MW Concepcion Tarlac 2 Solar Power Project, 280 MW Santa Rosa Nueva Ecija 2 Solar Power Project, 450 MW Tayabas Solar Power Project, and the 120 MW General Santos Solar Power Project under Solar Philippines Nueva Ecija Corporation.
The 30 MW Calatagan Wind Power Project under Solar Phillippines Calatagan Corporation; and the 300 MW Kananga-Ormoc Solar Power Project under Solar Philippines Visayas Corporation are also included in Solar Philippines’ winning bids.