Solar PH eyes swap of 20 projects with SPNEC shares | Inquirer Business
Close  
Assets reserved pending deal aprroval

Solar PH eyes swap of 20 projects with SPNEC shares

By: - Reporter / @kocampoINQ
05:12 AM January 21, 2022

Solar Philippines Power Projects Holdings Inc. is open to swapping its solar portfolio with over 10,000 megawatts of developments for three times the current outstanding shares of Solar Philippines Nueva Ecija Corp. (SPNEC).

SPNEC earlier announced that it will do an asset-for-share swap with its parent company, Solar Philippines, to jump-start its future expansion and growth. SPNEC’s current outstanding shares are 24.37 billion.

ADVERTISEMENT

Solar Philippines said it was already reserving the subject assets for SPNEC while the asset-for-share swap is awaiting approval, and SPNEC’s decision to increase its authorized capital stock to 50 billion shares from 10 billion shares has yet to be tackled in a stockholder’s meeting scheduled for March 7.

Solar Philippines’ portfolio has over 20 solar project companies, which include over 400 MW already operating or under construction.

FEATURED STORIES

To fund the remainder of 10,000 MW, Solar Philippines said it was entering into joint ventures with partners that could raise capital including a possible stock rights offering if a share swap with SPNEC is approved by a financial advisor.

Subscribe to our business newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Philippines Nueva Ecija Corp. (SPNEC), Solar Philippines Power Projects Holdings Inc.
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.