Solar Philippines Nueva Ecija Corporation (SPNEC) has announced that it plans to use the proceeds from its ongoing stock rights offering (SRO) to finance the development of up to 10GW of energy projects in the Philippines.
The SRO is expected to raise about PHP2.8 billion. The projects include over 400 MW operating or under construction project; the 3.5-GW solar, 4.5-GWh battery Terra Solar project; the 1.8-GW solar, 1.8 GWh battery Batangas Baseload project; and 1.8 GW of projects contracted under the Department of Energy’s (DOE) Green Energy Auction. With its Nueva Ecija solar project, this will increase SPNEC’s contracted capacity to 8 GW scheduled to commence operations between 2025 and 2026. This will make up two-thirds of the total contracted renewable energy capacity of the Philippines. Additionally, SPNEC is also planning to conduct an asset-for-share swap with Solar Philippines after concluding the first round of the SRO.