SPNEC to complete share swap with Solar Philippines by end-2022

The company wants to complete the private placements to increase public float.

Solar Philippines Nueva Ecija Corporation (SPNEC) is planning to complete its share swap agreement with its parent company, Solar Philippines, by the end of the year, its CEO said.

“We aim to complete the private placements to increase the public float for the share swap by the end of 2022,” Solar Philippines founder Leandro Leviste said. 

Read more: Private firms eclipse the growth of the Philippines' solar power industry

According to Leviste, the company is in discussions with investors for private placements. This is on top of the stock rights offering with with offer period set from 30 August to 5 September.

“Our job is for these offerings to cover the equity required to complete the development of 10 GW of solar projects, while retaining an average of at least 50% economic interest,” he also said.

“SPNEC’s model is to create value through project development, investing for a smaller percentage of the cost that catalyzes larger investments, in the same way that we have in our earlier projects.”

The share swap agreement between Solar Philippines and SPNEC involved the issuance of 24.37 billion shares at an issue price of P2.50 per share. 

This is in exchange for Solar Philippines’ portfolio that includes more than 400 megawatts of projects, either operating or under construction.