SEC OKs P3.3-B rights offering of Solar Philippines’ subsidiary

Leandro Leviste, Solar Philippines founder, president and CEO—contributed photo

Solar Philippines Nueva Ecija Corp. (SPNEC), led by businessman Leandro Leviste, obtained the go-ahead from the Securities and Exchange Commission to raise up to P3.3 billion via a stock rights offering to expand its renewable energy footprint. 

SPNEC, a subsidiary of Solar Philippines Power Project Holdings,  confirmed the approval in a stock exchange filing on Wednesday. 

Based on the offer prospectus last July 11, the renewable power company plans to sell 1.87 billion shares to existing stockholders at an offer price of P1.5 to P1.76 per share. 

Stockholders can avail themselves of one rights share for every 1.28 shares held as of the record date Aug. 25, 2022, according to the offer terms.  

SPNEC shares rose 1.27 percent to P1.60 per share on Wednesday.

The rights offer would allow the company to raise P2.8 billion to P3.3 billion for new projects, including securing land and off-take agreements. 

Its projects  include the 3.5 -GWh solar and  4.5-GWh battery Terra Solar project, touted as the “world’s largest solar project”.

Solar Philippines has set a goal of expanding its solar power capacity to 10 GW by 2025. 

According to the deal prospectus, the shares will be priced on Aug. 18 while the offer period will run from Aug. 30 to Sept. 5 this year. Solar Philippines is targeting to list the shares on Sept. 15.