Listed Solar Philippines Nueva Ecija Corp. (SPNEC) said the offering period for its share rights offering (SRO) will begin on August 30 and end on September 5, under preliminary terms published on Tuesday.
The company said it is offering approximately 1.87 billion shares with rights to eligible shareholders at a price between P1.50 and P1.76 per share.
The price date for the company’s SRO, which allows shareholders to purchase additional shares based on its holdings, is August 18. It provides 1 share of rights for every 1.28 shares owned.
The company expects net proceeds of between P2.79 billion and P3.28 billion after deducting fees and expenses for the aforementioned offering.
“The net proceeds from the offering are intended for the development of the project, including securing land and land collection arrangements and general business purposes,” the company said.
Solar Philippines Power Project Holdings Inc. and its subsidiary Countryside Investments Holdings Corp., which owns a total of 70.46% of SPNEC, will not participate in the first and second rounds of offering. Solar Philippines, however, has pledged to subscribe for any remaining unsubscribed rights shares following the mandatory second round of offering.
However, it will reduce its subscription if it violates the required minimum public ownership.
The shares will be listed on the Philippine Stock Exchange on September 15.
The Securities and Exchange Commission (SEC) previously gave the green light to said SRO confirming that the transaction is exempt from registration requirements under the Securities Regulation Code.
SPNEC said the SEC issued exempt transaction confirmation on July 19. He filed his documents for that exemption on April 8.
SPNEC is also increasing its authorized share capital and stock asset exchange with its parent company, Solar Philippines Inc.
The company is raising funds for the development of 10 gigawatts (GW) of solar projects, including the Terra Solar 3.5 GW solar and 4.5 GWh battery project, which plans to provide Manila Electric Co. with 850 megawatts of merit. medium and was touted as the largest solar project in the world.
Also included are projects that participated in the Department of Energy’s green energy auction, in which Solar Philippines won 70 percent of the auction’s entire renewable energy capacity – 1,380 megawatts out of 1,967 MW – and the 91 percent of all solar capacity – 1,350 MW by 1,490 MW.
These developments have brought the total capacity of the Philippine Solar projects substantially under contract to over 6 GW, compared to just over 1.3 GW of the total installed solar capacity in the Philippines at the end of 2021 according to data from the DOE.
“When we started talking about 10 GW, many were in disbelief, because the total installed solar capacity in the Philippines last year was just over 1.1 GW. But we hope that having contracts for the majority of 10 GW has made that plausible, “said Leandro Antonio L. Leviste, founder of Solar Philippines.
“We have been fortunate to have been in the right place at the right time, developing these projects since 2016. Now that we have contracted this capability, we look forward to working with other companies and stakeholders to deliver these projects and help achieve the goals. of our country for renewable energy. ”