Solar Philippines Nueva Ecija Corp. (SPNEC) plans to raise P10 billion from a stock rights offering.
SPNEC said in a disclosure to the stock exchange Tuesday its board on Monday approved the planned rights offering in line its goal to build 10 gigawatts of solar projects.
The terms of the rights offering, where eligible stockholders would have the opportunity to subscribe to shares, will be determined by management and relevant requirements and regulatory approvals.
“We need at least P10 billion to complete the development of 10 GW of solar projects. This is only a small percent of project cost, but we believe is a large percent of the value, with development being the bottleneck for the energy transition of the Philippines,” said Solar Philippines founder Leandro Leviste.
“As a developer, SPNEC’s business model is to make projects shovel-ready, then bring in joint-venture partners who can help fund the construction,” Leviste added.