Leandro Leviste’s SPNEC got a big vote of confidence from shareholders, raises P2.8B from fully-subscribed rights offering

Shareholders of Solar Philippines Nueva Ecija Corp. (SPNEC) gave a resounding vote of confidence to techpreneur Leandro Leviste and his massive plans for the power firm.

SPNEC raised P2.8 billion from a stock rights offering which has been fully subscribed in both the first and second rounds on strong takeup from its existing investors.

The offering involved 1.88 billion shares priced at P1.50 per share for a total offer size of P2.81 billion.

Proceeds from the offering will help fund the development of the company’s 10 gigawatts (GW) of projects.

The completion of SPNEC’s SRO also brings forward the asset-for-share swap of Solar Philippines by increasing its public float ahead of the issuance of new shares to Solar Philippines in exchange for its portfolio of projects.

These projects include over 400 megawatts (MW) operating or under construction, the 3.5 GW solar and 4.5 GWh battery Terra Solar project, the 1.8 GW solar and 1.8 GWh battery Batangas Baseload project, and 1.8 GW of projects contracted under the Department of Energy’s Green Energy Auction.

DOE raises RE utilization percentage for on-grid areas

The Department of Energy (DOE) has increased the percentage of the utilization of renewable energy for on-grid areas from one percent to 2.52 percent in line with the administration’s goal of transitioning towards a sustainable and clean energy future.

DOE raises RE utilization percentage for on-grid areas

The Department of Energy (DOE) has increased the percentage of the utilization of renewable energy for on-grid areas from one percent to 2.52 percent in line with the administration’s goal of transitioning towards a sustainable and clean energy future.