SPNEC gets shareholders nod for P61B share swap, increase in authorized capital

Stockholders of Leandro Leviste’s Solar Philippines Nueva Ecija Corp. (SPNEC) approved on Monday the increase in the company’s authorized capital stock as well as the P60.9 billion share swap deal with parent.
SRO at P1.95? SPNEC is top gainer, most traded after baring P61B stock swap at P2.50 per share
SPNEC is raising its capitalization to 50 billion shares from 10 billion shares to facilitate the issuance of shares to Solar Philippines.
In a regulatory filing, SPNEC said it would issue 24.37 billion shares to Solar Philippines at P2.50 each in exchange for the shares of Solar Philippines in over 20 companies. These include solar farms in Batangas, Tarlac, and Cavite with a combined 163 megawatts (MW) in operations and 240 MW for expansion, from which Solar Philippines has sold shares at project valuations of over P20 million per MW.
Leandro Leviste’s SPNEC OKs P60.9B share swap deal with parent, prices shares at P2.50 each
SPNEC aims to build up its portfolio to 1 GW of operational capacity by the end of 2023.
The 20 companies have DOE solar energy service contracts with over 10 GW of potential capacity.
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“Considering this, SPNEC aims to create P15 million per MW of value from 10 GW of developments by 2025,” the company said.
“In line with our view that partnerships are key to accelerating the country’s energy transition, Solar Philippines has reserved its 10 GW of planned projects pursuant to agreements with various companies to invest in its projects subject to certain milestones,” SPNEC said.
The largest share is reserved for the company’s joint venture with Razon’s Prime Infra, which may use the first 1,000 hectares already being acquired by SPNEC and further land to be acquired.