Solar PH eyes swap of 20 projects with SPNEC shares

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.

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.

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.