February 15 (Renewables Now) - Solar Philippines Nueva Ecija Corporation (PSE:SPNEC), the recently listed subsidiary of solar developer Solar Philippines, will finance its 10-GW solar project development target through a stock rights offering targeting PHP 10 billion (USD 194.5m/EUR 171.8m).

The company said on Tuesday that plans for the transaction will be filed for regulatory clearance in the second quarter of this year. In addition to the stock rights issue, it also considers options to raise more funds through private placements among institutional investors.

“This is only a small percent of project cost, but we believe is a large percent of the value, with development being the bottleneck for the energy transition of the Philippines,” said Leandro Leviste, Solar Philippines’ founder.

As announced in January, SPNEC intended to conduct asset-for-share swaps with its parent Solar Philippines that would enable the subsidiary to develop 10 GW of solar schemes. The company has plans to bring the projects to the shovel-ready phase and then create joint ventures partnerships to help with the construction.

SPNEC will use a portion of the fresh capital and funds from its IPO to secure land for its developments, located in the provinces of Nueva Ecija, Bulacan, Tarlac, Batangas and Quezon. The acquisition of land has already been approved by the company, it noted.

(PHP 10 = USD 0.195/EUR 0.172)

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