After ACEN, Solar Phl looks for more partners

SP New Energy Corporation is seeking more partners by expanding its shareholders base through further private placements to bankroll its project developments nationwide.

In a stock report on Thursday, SPNEC said expanding its shareholders base will also help the company fulfill its asset-for-share swap with its parent firm Solar Philippines.

“We have been working on transactions that would enable our share swap. We thank our shareholders for supporting our company and are committed to completing our share swap,” Solar Philippines founder Leandro Leviste said.

“We are open to further broadening SPNEC’s shareholder base, to build a more widely-held company and accelerate the development of solar in the Philippines,” he added.

As part of its share swap, SPNEC will issue 24.37 billion shares to Solar Philippines at an issue price of P2.50 per share, on top of the company’s existing 10 billion shares.

The move will result in SPNEC having 34.37 billion shares outstanding, which requires the public to own at least 6.87 billion shares to achieve at least 20 percent public float.

With 4.75 billion shares held by the public after the block sale to ACEN, SPNEC would need to increase its public float by at least another 2.12 billion shares.

To recall, SPNEC already announced last December 2022 that it will pursue various options to support its project developments, including selling equity to partners at SPNEC.

According to SPNEC, its recent block sale of 500 million shares for P660 million to Ayala-led ACEN Corporation was “among the several private placements that SP has been planning.”

Apart from ACEN, SP has joint ventures with several other power companies like the Korea Electric Power Corporation, which is currently finalizing the sale of its local fossil fuel investments.

KEPCO will maintain its presence in the country through its existing joint venture with Solar Philippines and plans to make further investments in renewable energy.

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