Solar Philippines earns IPO approvals

Solar-Philippines-earns-IPO-approvals

Budding energy firm Solar Philippines Nueva Ecija Corporation (SPNEC) has secured the approvals of the Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) on its initial public offering (IPO) this year.

The designated issue manager and lead underwriter for the planned stocks listing is Abacus Capital and Investment Corporation while Investment Capital Corporation of the Philippines (ICCP) will be the participating underwriter.

So far, the project portfolio of the company to be listed at the local bourse is the proposed 500-megawatt solar farm development in Nueva Ecija.

The targeted proceeds from the IPO had been pegged at P2.7 billion. SPNEC said of the amount, P1.3 billion will be used to complete the first 50MW of the project while the balance will be funneled to land acquisition as well as to bankroll the targeted project expansion.

In a statement to the media, SPNEC conveyed that the offer period is targeted within Dec. 1 to 7 this year; and the listing date at the PSE main board will be on Dec. 17.

The company added its stocks will be offered at a price of P1.00 per share; albeit it qualified that the final pricing is still for finalization as targeted on Nov. 23 this year.

Solar Philippines founder Leandro Leviste said the stock offering of his company “aims to give the public a new option to invest in RE (renewable energy) and increase the RE capacity of the Philippines.”

SPNEC claimed “this is the first time that a company has been approved to list under supplemental listing and disclosure requirements for RE companies,” as approved by the PSE in 2011, and these rules, as explained, “allow development-stage project companies to list, subject to certain requirements including having a valid and subsisting service contract awarded by the Department of Energy.”

Leviste noted “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: a site where will rise the largest solar project in Southeast Asia, with potential for expansion given its proximity to Manila, to meet the growing demand for renewable energy in the Philippines.”

The RE service contract for the Nueva Ecija solar farm installation was awarded by the energy department in 2017 and start of construction is planned by the end of this year.

At its completion and once the project reaches commercial operations, its generated electricity will be fed into Luzon grid and will help shore up power capacity in the system.

Source: https://mb.com.ph/2021/11/14/solar-philippines-secures-ipo-approvals/

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