SP New Energy Corp. said Thursday it is open to taking in more strategic investors to broaden investor base and accelerate development of solar projects in the country.
SPNEC said in a disclosure to the stock exchange it was planning to increase public float to at least 20 percent through private placements and share swap agreements.
“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,” Solar Philippines Leandro Leviste said.
“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,” Leviste said.
SPNEC said it would give further updates on its private placements at the appropriate time.
ACEN Corp. said Wednesday it is acquiring 500 million shares in SPNEC as pre-payment for part of the loan it extended to SPNEC shareholder Solar Philippines, as well as payment of interest and arrangement and security amendment fees.
ACEN extended a loan to Solar Philippines amounting to P1 billion in June 2021 to finance the acquisition of project sites for solar power projects.
SPNEC also has joint venture partnership with Korea Electric Power Corp. which is the process of exiting its Philippine fossil fuel investments.