Solar Philippines Nueva Ecija Corporation

06/20/2022 | Press release | Distributed by Public on 06/19/2022 22:51

Press Release

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported) Jun 20, 20222. SEC Identification Number CS2016273003. BIR Tax Identification No. 0094681034. Exact name of issuer as specified in its charter Solar Philippines Nueva Ecija Corporation5. Province, country or other jurisdiction of incorporation Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 20th Floor Philamlife Tower, 8767 Paseo de Roxas, Makati City, PhilippinesPostal Code12268. Issuer's telephone number, including area code (+632) 8817-25859. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 8,124,350,005
11. Indicate the item numbers reported herein Item 9 - Other Items

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Solar Philippines Nueva Ecija CorporationSPNEC

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Solar Philippines submits offers to contract 10 GW

Background/Description of the Disclosure

Having announced last month that it is making preparations to satisfy the requirements of potential off-takers, Solar Philippines has submitted offers to substantially contract its 10 GW of developments.

These offers are pending the approval of off-takers and regulators. If approved, Solar Philippines would potentially have 9 TWh/year of contracted energy, which would serve as a critical mass of demand enabling 10 GW of developments scheduled to commence operations mostly between 2025 to 2026.

Aside from the planned 500 MW Nueva Ecija Solar Farm of Solar Philippines Nueva Ecija Corporation (SPNEC), these developments are held by companies with shares subject to the asset-for-share swap between SPNEC and Solar Philippines (SP Entities).

The largest of these is Terra Solar Philippines, Inc., a joint venture with Prime Infra that plans to construct 3.5 GW of solar and 4.5 GWh of battery storage to supply Meralco 850 MW from 8AM to 9PM, on a firm basis like a conventional mid-merit power plant. This has been touted to be the "world's largest solar project" and would be more than 2X the total capacity of solar operating in the Philippines today.

Other SP Entities include Solar Philippines Batangas Baseload Corporation, which is developing an up to 2 GW solar project with battery storage; Solar Philippines Central Luzon Corporation, a joint venture with AC Energy; Solar Philippines South Luzon Corporation; and Solar Philippines Visayas Corporation.

These are among other SP Entities in the published List of Qualified Bidders of the Department of Energy (DOE) 2 GW Green Energy Auction Program (GEAP). The DOE is scheduled to post the GEAP's Notice of Award on or before June 24.

These are in addition to earlier projects of Solar Philippines, which include 63 MW operating under Solar Philippines Calatagan Corporation, a joint venture with Korea Electric Power Corporation; and 100 MW operating plus expansions under Solar Philippines Tarlac Corporation and Solar Philippines Tanauan Corporation, which are also joint ventures with Prime Infra with Meralco Power Supply Agreements.

Altogether, SPNEC aims to complete the development of 10 GW of solar projects by 2025, which would help address the country's potential power shortage, and represent a significant increase from the country's grid-connected solar capacity of 1,127.3 MW as of December 2021 according to DOE figures.

"While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to share more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap," said Solar Philippines founder Leandro Leviste.

Other Relevant Information

Disclaimer: This press release contains certain forward-looking statements, which involve risks, uncertainties, and assumptions. The actual results of the company could differ materially from those anticipated in these forward-looking statements. Furthermore, the asset-for-share swap is not yet completed and is subject to regulatory approvals.

Filed on behalf by:
Name Hazel Iris Lafuente
Designation Director, Treasurer, Assistant Corporate Secretary, Head of Community Development and Chief Information Officer