Solar Philippines Power Project Holdings Inc. said its unit Nueva Ecija project under Solar Philippines Nueva Ecija Corp. (SPNEC) will be the largest solar power harvesting facility among its current portfolio as the company starts its initial public offering (IPO) sale.
Solar Philippines has operations in Batangas – the operational 63 MW joint-venture with Korea Electric Power Corp.; Tarlac – the 100MW joint-venture with Prime Infra of the Razon Group now eyed for expansion to 200MW; and two in Batangas and Cavite with a combined capacity of 140 MW planned to be fully operational by 2022.
SPNEC is currently in the mid of a P2.7 -billion IPO that started yesterday, and will run until December 7.
SPNEC is offering for sale 2.7 billion shares at P1 apiece, the proceeds of which will be used to complete the first 50 MW of SPENC’s project Barangay Penaranda Nueva Ecija, and acquire land to expand the project beyond its 500 MW target.
SPNEC eyes to list its shares with the PSE on December 17.
