Philippine Solar Receives IPO Approval for 500 MW Project Development Unit

Nov 18, 2021

Solar Philippine Nueva Ecija Corporation (SPNEC), the largest solar project developer in Southeast Asia, has been approved to conduct an initial public offering (IPO). The company will receive up to 2.7 billion Philippine pesos (54 million US dollars / 47 million euros).

The company is a subsidiary of solar power producer solar Philippine and has obtained approval from the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) to issue up to 2.7 billion shares at a price of 1.00 Philippine pesos per share. The final offer will be confirmed on November 23.
The issuance will take place from December 1st to December 7th, 2021, and December 17th is the tentative listing date. This is the first time a company has obtained a listing permit under a set of rules known as the supplementary listing and disclosure requirements for renewable energy (RE) companies.
SPNEC is the developer of a 500-megawatt solar project designed to supplement the weak reserves of the Luzon power grid and help prevent power outages. The company plans to use the IPO proceeds of 1.3 billion Philippine pesos to finalize the project's first 50 megawatts of power generation, while the remaining part is planned to be used to purchase land to expand the project to more than 500 megawatts.
The company has appointed Abacus Capital and Investment Corporation as the issue manager and lead underwriter, and Philippine Investment Capital Corporation as the participating underwriter for the IPO.
In addition to Nueva Ecija, Solar Philippine has also established a 63 MW solar energy partnership with Korea Electric Power Corporation in Batangas, and carried out two solar projects totaling 140 MW in Batangas and Cavite. The existing power plant was expanded to 200 MW. (Philippine Peso 10 = USD 0.199/EUR 0.175)