Solar Philippines Nueva Ecija Corporation (SPNEC), a subsidiary of Solar Philippines, has priced its initial public offering (IPO) at PHP1 per share and is expected to raise approximately PHP2.7 billion. SPNEC is the developer of a 500 MW solar project. It will use the IPO proceeds to complete the first 50 MW of the project and buy land to expand the project beyond 500 MW.
The offering will take place between December 1 to December 7, 2021, and December 17 has been set as a tentative listing date on the Main Board of the Philippine Stock Exchange (PSE).
This is the first listing approved under 2011 rules that allow development-stage project companies in the renewable energy sector to list, contingent on requirements such as having a service contract awarded by the Department of Energy (DoE). Solar Philippines secured a DoE service contract to develop SPNEC’s project in 2017.