Solar Philippines Nueva Ecija Corporation (SPNEC) is looking to raise capital from a stock rights offering (SRO) and private placements with institutional investors to support the development of 10GW of solar PV.
The recently listed subsidiary of PV project developer Solar Philippines, SPNEC said it plans to file the SRO in Q2 2022 to raise at least PHP10 billion (US$195 million).
“This is only a small percent of project cost, but we believe its a large percent of the value, with development being the bottleneck for the energy transition of the Philippines,” said Solar Philippines founder Leandro Leviste.
The announcement comes after SPNEC made its debut on the Philippine Stock Exchange in December.
The company has also approved the acquisition of land for its solar developments, to be funded from proceeds of the SRO and its initial public offering.
SPNEC said its Philippine PV developments would be supported by a potential asset-for-share swap with Solar Philippines, which has a portfolio of over 20 solar project companies, including more than 10GW under development.
Other announcements in the Philippine solar sector last year saw Blueleaf Energy, a portfolio company of Macquarie’s Green Investment Group, reveal plans to bring forward 1,250MW of PV through a partnership with local player SunAsia, while independent power producer Nexif Energy secured a power supply agreement for a 75MWp plant in the country.