Solar Philippines eyes private placements

By Jenniffer B. Austria – August 15, 2022, 6:15 pm
from manilastandard.net

Solar Philippines Nueva Ecija Corporation (SPNEC) is in talks with investors on a possible equity sale through private placements.

SPNEC said in a disclosure to the stock exchange Monday it plans to conduct private placements to increase the company’s public float as well as raise funds to achieve its target of building 10 gigawatts of solar projects by 2025.

“Our job is for these offerings to cover the equity required to complete the development of 10 GW of solar projects, while retaining an average of at least 50 percent economic interest,” said Leandro Leviste, founder of Solar Philippines, the parent company of SPNEC.

“SPNEC’s model is to create value through project development, investing for a smaller percentage of the cost that catalyzes larger investments, in the same way that we have in our earlier projects,” Leviste added.

SPNEC is conducting a P3.3-billion stock rights offering. The company is offering 1.875 billion shares priced between P1.50 and P1.76 each. The offering period is scheduled from August 30 to September 5.