ATN Holdings Inc. of businessman Arsenio T. Ng bared plans to list its susbsidiary ATN Philippines Solar Energy Group Inc. by way of introduction.
The management has authorized the company to file ATN Philipines’ listing.
Apart from this, the holding firm is looking to appoint an Investment banking group and underwriter for its planned rights offering.
ATN also plans to co-invest with Transpacific Broadband Group Int’l (TBGI) the total amount of P2 billion equity participation in the consortium to be formed with the winning bidder of the competitive selection process of Manila Electric Co.
“The corporation deemed a JV approach as advantageous and will participate in the consortium to be formed with the winning bidder of the Meralco CSP to achieve economies of scale in a 100MW large solar project undertaking, and diversify financial and project execution risk in a joint venture in which the participants contribute complementary resources to increase the probability of success,” ATN said.
Meralco has two CSP lined up: 170 MW peaking power during summer and the 850 MW of mid-merit capacity through an unsolicited proposal.
ATN believes there is a strong potential for renewable energy to grow amid positive developments in the power industry such as the expansion of climate change financing for clean energy generation, reduction of solar costs, compliance to Renewable Portfolio Standard (RPS), among others.