Solar Philippines to list subsidiary working on 500-MW project

Solar Philippines plans an initial public offering (IPO) for a wholly-owned unit that is developing a 500-MW solar project in Nueva Ecija province in the Central Luzon region.

Specifically, the company intends to list its subsidiary Solar Philippines Nueva Ecija Corporation (SPNEC) under the Supplemental Listing and Disclosure Requirements for Renewable Energy (RE) Companies. These are rules allowing development-stage project companies to go public if they meet certain requirements such as having a valid and subsisting service contract awarded by the Department of Energy (DOE).

Solar Philippines’ plan is to use the IPO proceeds to support the construction of the 225-MW first phase of the above-mentioned project in Penaranda. It will seek additional funding for the remaining portion of the scheme, which, it says, would be the largest in both the Philippines and all of Southeast Asia.

SPNEC intends to begin construction work by the end of the year and will be considering an expansion of the project in the future.

In the meantime, Solar Philippines is developing four other utility-scale solar projects that should be completed by 2022. One is a 63-MW partnership with Korea Electric Power Corporation (KEPCO) in Batangas, one is a development with Prime Infra of the Razon Group to expand an existing facility in Tarlac to 200 MW, and two are located in Batangas and Cavite for a combined 140 MW.

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