Leandro Leviste eyes swap of Solar PH assets for P39B worth of SPNEC shares

Solar Philippines Power Project Holdings Inc. is looking to infuse solar power assets with over 10,000 megawatts capacity into newly-listed Solar Philippines Nueva Ecija Corp. (SPNEC) in exchange for P39 billion worth of shares.

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In a statement, Solar Philippines said it was swapping its portfolio for three times SPNEC’s outstanding shares or 24.37 billion shares.

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SPNEC’s portfolio comprises over 20 solar project companies which include over 900 MW already operating or under construction. Others are slated to begin operations at a later date.

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The asset-for-share swap is subject to a third-party valuation and fairness opinion by an independent financial advisor.

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To facilitate the issuance of shares to Solar Philippines, SPNEC is raising is authorized capital from 10 billion shares to P50 billion shares.

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A shareholders’ meeting has been set on March 7 to approve the increase in SPNEC’s capital.