Solar Philippines Nueva Ecija Corp. (SPNEC) said it has priced its initial public offering at P1 per share, potentially raising P2.7 billion.
The company is looking to sell a total of 2.7 billion shares between December 1 and 7, 2021. It eyes to list with the Philippine Stock Exchange (PSE) by December 17. SPNEC earlier said it plans to use the proceeds of the share sale to complete the first 50 megawatts (MW) of its 500MW solar power plant in Penaranda Nueva Ecija, also called phase 1A, while acquiring land for potential expansion.
The phase one will cost P1 billion, P200 million will go to the development of the power facility’s transmission line, P23 million for lease expenses, and P1.33 billion for land development for future expansion.
The transmission line will be a 10-kilometer, 230 kV transmission line for the project, which will traverse Cabanatuan City and the towns of Santa Rosa and Peñaranda in Nueva Ecija. SPNEC is the first company to list under the Philippine Stock Exchange’s supplemental listing and disclosure requirements for renewable energy companies approved in 2011.
