PSE OKs SPNEC’s SRO

MANILA, Philippines — The Philippine Stock Exchange (PSE) has given the green light to the P3.3-billion stock rights offering (SRO) of Solar Philippines Nueva Ecija Corp., the power company founded by Leandro Leviste.

The  offering consists of 1.9 billion shares to be offered  from Aug. 30 to Sept. 5.

SPNEC is looking to offer the shares at a price range of P1.50 to P1.76 per share, according to a regulatory filing yesterday.

Shareholders as of record of Aug. 25 are entitled to avail of the shares.

SPNEC is looking to raise P2.8 billion to P3.3 billion from the offering which will be used for  project development including securing land and off-take agreements.

The funds will support  SPNEC’s goal of developing 10 GW of solar projects by 2025.

SPNEC’s  developments include the 3.5 GW solar, 4.5 GWh battery Terra Solar project, which plans to supply Meralco 850 MW of mid-merit. This has been touted as the “world’s largest solar project” and will be more than two times  the total capacity of solar operating in the Philippines today.

These also include projects that were contracted in the Department of Energy’s Green Energy Auction, in which Solar Philippines won 70 percent of all the auction’s renewable energy capacity or 1,380 MW out of 1,967 MW and 91 percent of all the solar capacity or 1,350 MW out of 1490 MW.