[Cebu City] November 16, 2021 – Solar Philippines Nueva Ecija Corp. (SPNEC) has received approval to proceed with an initial public offering (IPO) that will fetch up to PHP 2.7 billion to construct Southeast Asia’s largest solar project, designed to supplement the Luzon grid’s thin reserves and help prevent outages.
The company, a unit of solar power producer Solar Philippines, has received the green light from the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC) to offer up to 2.7 billion shares at a price of up to PHP 1.00 apiece. The final offer price will be determined on November 23.
The offering will take place from December 1 to December 7, 2021, while December 17 is set as the tentative listing date. It is the first time a company gets clearance to list under the set of rules known as the Supplemental Listing and Disclosure Requirements for Renewable Energy (RE) Companies.
The company wants to utilize PHP 1.3 billion of the IPO funds to complete the first 50 megawatts of the project, with the rest going toward land purchases to expand the project beyond 500 megawatts.
Abacus Capital and Investment is said to be appointed by SPNEC as issue manager and lead underwriter, while Investment Capital Corporation of the Philippines serves as participating underwriter for the IPO.
In addition, Solar Philippines Nueva Ecija is also working on a 63-MW solar collaboration in Batangas with Korea Electric Power Corporation, two 140-MW solar projects in Batangas and Cavite, and a 200-MW expansion of an existing plant in Tarlac.