SPNEC eyes funds for 4 GW of solar with stock rights offering in June

Solar modules. Featured Image: Jackiso/Shutterstock.com

March 28 (Renewables Now) - Solar Philippines Nueva Ecija Corporation (PSE:SPNEC), the recently listed subsidiary of solar developer Solar Philippines, is gearing to launch in June a stock rights offering of up to PHP 3.3 billion (USD 63.3m/EUR 57.6m) that will help it buy land for 4 GW of new projects.

The company confirmed its plan for the transaction in a bourse filing on Monday, saying it will seek to offer 1.875 billion shares. The deal will be carried out under an existing agreement for asset-for-share swaps with the parent that will enable SPNEC to develop 10 GW of solar projects.

The stock will be offered at an entitlement ratio of 1 share for every 1.28 shares held, at a price range fixed at PHP 1.60-1.76 apiece. The mid-range of PHP 1.68 per share represents a 16% discount to SPNEC stock’s volume-weighted average price over the past two months.

SPNEC noted that the timing of the stock rights offering will be subject to regulatory approval. Previously, the company said that apart from the issue, it will aim to create joint ventures in order to finance the vast amount of projects in the agreed pipeline.

(PHP 10 = USD 0.192/EUR 0.175)

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