A wholly owned unit of businessman Leandro Leviste’s Solar Philippines is taking a shot at listing at the local bourse, seeking to raise up to P1.3 billion.
Solar Philippines Nueva Ecija Corp. is tapping the equities market to fund the construction of the first 225 megawatts of the planned 500 MW solar project in Penaranda, Nueva Ecija.
The project is envisioned to be the largest solar facility to rise in the country.
“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 Leviste, Solar Philippines founder.
Construction of the project is expected to start before the end of the year. SPNEC is also considering expanding the project in the future amid the growing demand for renewable energy.
SPNEC aims to list under the Supplemental Listing and Disclosure Requirements for Renewable Energy (RE) companies approved by the Philippine Stock Exchange (PSE) in 2011.
These rules allow development-stage project companies to list, subject to certain requirements including having a valid and subsisting service contract awarded by the DOE.