Solar Philippines Nueva Ecija Corporation (SPNEC) has authorised an asset-for-share swap with Solar Philippines Power Project Holdings Incorporated (SPPPHI) in a transaction valued at PHP60.9 billion. The swap includes the acquisition of 100 per cent of SPPPHI and its affiliates’ outstanding shares in over 20 businesses. The assets of Solar Philippines will be purchased through an asset-for-share swap in exchange for 24.37 billion shares of SPNEC at the rate of PHP2.50 per share.
Once completed, SPNEC will own shares in companies including Solar Philippines Batangas Baseload Corporation, Solar Philippines Visayas Corporation, Terra Solar Philippines Incorporated, SP Holdings, Incorporated, Solar Philippines Tarlac Corporation, Solar Philippines Central Luzon Corporation, Solar Philippines Rooftop Corporation, Solar Philippines South Luzon Corporation, Solar Philippines Retail Electricity Incorporated, Solar Philippines Tanauan Corporation, Solar Philippines Calatagan Corporation and Solar Philippines Commercial Rooftop Projects Incorporated.
All the acquired businesses own a total of 33 DOE Solar Energy Service Contracts (SESC) and currently have a combined operational capacity of 169.36 MW and with capacity of 14,395.03 MW currently under various stages of development.
