At the special meeting of shareholders of Solar Philippines Nueva Ecija Corp. (SPNEC), SPNEC shareholders approved its increase in authorized share capital from 10 billion shares to 50 billion shares and its related share exchange. SPNEC provided the following summary of its plans in this regard:
As noted in our full corporate statement, SPNEC would issue 24.37 billion shares at 2.50 pesos per share in exchange for Solar Philippines shares in more than 20 companies.
These include solar farms in Batangas, Tarlac and Cavite with a combined capacity of 163 megawatts (MW) in operation and 240 MW in expansion, of which Solar Philippines has sold shares at project valuations of over 20 million. of 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 gigawatt (GW) of operational capacity by the end of 2023.
Additionally, these companies have solar power service contracts with the Department of Energy (DoE) with more than 10 GW of potential capacity, or more than two-thirds of the total solar project capacity awarded as of December 31, 2021. listed on the DoE website (https://www.doe.gov.ph/renewable-energy/awardedsolar). While many of these projects will not come to fruition and plans for particular projects are subject to change, Solar Philippines has spent years working to advance developments with over 10 GW of potential capacity. Given this, SPNEC aims to create 15 million pesos per MW of value from 10 GW of developments by 2025.