Solar Power Nueva Ecija Corp., a wholly-owned subsidiary of Solar Philippines, priced its maiden share offering P1 per share to raise up to P2.7 billion in proceeds.
SPNEC is offering 2.7 billion common shares to the public, which will primarily be used to jumpstart the development of its 500-megawatt solar project in Peñaranda, Nueva Ecija, which when completed would be Southeast Asia’s largest solar farm.
“We are thankful for this opportunity to launch the Solar Philippines group’s first public offering, which we see as a favorable signal for future offerings,” said Solar Philippines founder Leandro Leviste.
The offer period will start from Dec. 1 to 7, while listing on the main board of the Philippine Stock Exchange will be on Dec. 17.
SPNEC will be the first to qualify for listing under PSE’s renewable listing rules which took effect in 2011.