SPNEC increases its share capital
The shareholders of Solar Philippines Nueva Ecija Corp. (SPNEC) approved the increase of the company’s share capital to 50 billion shares from the current 10 billion shares.
The approval paves the way for facilitating the asset swap for P60.92 billion shares of the company with its parent company’s 10,000 megawatt (MW) solar portfolio.
The assets cover more than 20 entities, which SPNEC will acquire from Solar Philippines for 60.92 billion pesos worth of shares.
SPNEC said it would give Solar Philippines assets 24.37 billion shares at an issue price of P2.50 per share. It closed Monday’s trading at P1.99, down from Friday’s P2.12.
“These include solar parks in Batangas, Tarlac and Cavite with a total of 163 MW in operation and 240 MW in expansion, of which Solar Philippines has sold shares at project valuations of over 20 million pesos per MW. . In addition to the additional capacity of these, our rooftop portfolio and the Nueva Ecija solar farm, SPNEC aims to have its developments reach 1 GW of operational capacity by the end of 2023,” said the society.
“Additionally, these companies have DOE solar energy service contracts with over 10 GW of potential capacity, or more than two-thirds of the total solar project capacity awarded as of December 31, 2021,” he added. .
SPNEC said that through these assets, it aims to create 15 million pesos per MW of value by 2025.