Solar plant to rise in Nueva Ecija
By Ben Gines Jr. | The Manila Times | November 20, 2021
The P2.7-billion solar plant of Solar Philippines Nueva Ecija Corp. (SPNEC) will rise in an undeveloped land in the province ideal for harvesting the sun’s energy. (Photo: The Manila Times)
SOLAR Philippines Nueva Ecija Corp. (SPNEC) is pushing through with its plan to build a solar power facility in Nueva Ecija using part of the proceeds from its initial public offering (IPO).
The company’s P2.7-billion IPO will commence following the green light from the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC).
SPNEC said it would use P1.3 billion primarily to complete the first 50 MW of the project.
The offer period is planned for Dec. 1 to 7, 2021, with a tentative listing date on the main board of the PSE on Dec. 17, 2021.
The final offer price will be determined on Nov. 23, 2021 after the company completes its book building process.
“We thank the PSE and SEC for approving this IPO, which aims to give the public a new option to invest in RE (renewable energy) and increase the RE capacity of the Philippines,” Solar Philippines founder Leandro Leviste said.
“We’ve decided to make this our group’s first venture into the public markets because this is the asset that we are proudest to showcase,” he added.
SPNEC also has other projects including one in Batangas with an operational 63 MW in partnership with Korea Electric Power Corp.; one in Tarlac that is being expanded to up to 200 MW in partnership with Prime Infra of the Razon Group; and another two in Batangas and Cavite with a combined capacity of 140 MW planned to be fully operational by 2022.
Source: The Manila Times