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.