SPNEC Php2.8B SRO fully subscribed


rights offering (SRO) was fully subscribed by its public shareholders. 

The SRO, which consists of 1.88 billion shares priced at Php 1.50 per share, was offered to SPNEC’s eligible shareholders in August. 

Proceeds of the SRO will be used to help complete the Php 10 billion SPNEC is looking to invest to complete the development of the 10 gigawatts (GW) worth of projects, the company said in a disclosure to the Philippine Stock Exchange (PSE) on Thursday. 

The completion of the SRO will also bring forward the asset-for-share swap of parent firm Solar Philippines by increasing its public float ahead of the issuance of new shares to the latter in exchange for its portfolio of projects. 

Among the projects included is the 3.5 GW with 4.5 gigawatt-hour (gWh) Terra Solar power project; the 1.8 GW solar and 1.8 GWh battery Batangas baseload project, as well as the 1.8 GW worth of projects under the Green Energy Auction Program (GEAP) of the Department of Energy 

SPNEC’s Nueva Ecija solar project would bring the company’s contracted capacity to eight gigawatts. It is expected to commence commercial operations between 2025 to 2026.