Philippines' SPNEC aiming to elevate funds to develop 10GW of solar

• Solar Philippines Nueva Ecija Corporation (SPNEC) is seeking to increase capital from a stock rights offering (SRO) and also private positionings with institutional financiers to sustain the growth of 10GW of solar PV.

The lately noted subsidiary of PV project programmer Solar Philippines, SPNEC claimed it plans to file the SRO in Q2 2022 to increase at least PHP10 billion (US$ 195 million).

"This is only a small percent of project expense, however our team believe its a huge percent of the value, with development being the bottleneck for the energy shift of the Philippines," said Solar Philippines creator Leandro Leviste.

The news follows SPNEC made its debut on the Philippine Stock Exchange in December.

The firm has also authorized the acquisition of land for its solar developments, to be funded from profits of the SRO and also its initial public offering.

SPNEC said its Philippine PV advancements would be sustained by a prospective asset-for-share swap with Solar Philippines, which has a portfolio of over 20 solar project companies, consisting of greater than 10GW under advancement.

Other announcements in the Philippine solar field last year saw Blueleaf Energy, a portfolio business of Macquarie's Green Investment Group, expose plans to bring forward 1,250 MW of PV via a collaboration with neighborhood player SunAsia, while independent power producer Nexif Energy protected a power supply arrangement for a 75MWp plant in the country.