power and water

Solar Philippines unit eyes IPO

Aika Rey

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Solar Philippines unit eyes IPO

POWER PROJECT. A 500-megawatt solar 'ranch' will be built by Solar Philippines in this former ranchland in Nueva Ecija.

Solar Philippines

Solar Philippines Nueva Ecija Corporation is aiming to use the proceeds of the planned public offering for the first 225 megawatts of a 500-MW solar power project

Solar Philippines is preparing for an initial public offering (IPO) for its Nueva Ecija subsidiary, it announced Tuesday, November 2.

Solar Philippines Nueva Ecija Corporation (SPNEC) is aiming to be listed under the supplemental listing and disclosure requirements for renewable energy companies.

These rules, according to Solar Philippines, allow development-stage project companies to list, subject to certain requirements such as having a valid and subsisting service contract awarded by the Department of Energy.

“We’ve decided to make Solar Philippines Nueva Ecija Corporation 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 the Philippines, with potential for further expansion given its proximity to Manila,” said Solar Philippines founder Leandro Leviste, son of Antique Representative Loren Legarda.

SPNEC is aiming to raise “at least P1.3 billion” from the IPO. Leviste said the schedule of the offering will be disclosed when it is firmed up.

The firm said SPNEC’s IPO proceeds will serve as equity for the construction of the first 225-megawatt portion of a 500-MW solar project in Pe˜ñaranda, Nueva Ecija.

SPNEC will seek further financing to complete the rest of the 500-MW solar project.

SPNEC is planning to start construction before 2021 ends. It aims to supplement the Luzon grid’s reserves by 2022. – Rappler.com

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Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.