Solar Philippines Nueva Ecija Corporation

08/17/2022 | Press release | Distributed by Public on 08/16/2022 19:50

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) Aug 17, 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

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

SPNEC expanding flagship project to be world's largest solar farm

Background/Description of the Disclosure

Solar Philippines Nueva Ecija Corporation (SPNEC) is allocating proceeds from its various capital raises to complete securing at least 2500 hectares in the provinces of Nueva Ecija and Bulacan for a planned 3.5 GW solar farm.

This would mark SPNEC's expansion of operations in the same area of the land secured for its 500 MW solar project, for which the first 50 MW and the transmission for the full 500 MW are under construction.

At 4 GW, SPNEC's combined developments in this area would surpass the capacity of India's Bhadla Solar Farm, currently the world's largest farm at over 2.2 GW; as well as surpass the capacity of the total grid-connected solar operating in the Philippines as of the end of 2021 at over 1.3 GW.

This scale is enabled by Solar Philippines having been consolidating land and permits for this project since 2016, when it applied for its first Department of Energy (DOE) solar energy service contract in this area. The clustering of projects in the same area also supports the development of transmission, which would extend over 60 kilometers to connect to NGCP's substations that supply the Greater Manila Area.

"Over the years, others did not believe these ranchlands far from the grid could be the site for a solar farm. By the end of this year, our planned share issuances should result in the consolidation of ingredients that would enable SPNEC to expand its flagship project to be the world's largest solar farm," said Solar Philippines founder Leandro Leviste.

These share issuances include the company's asset-for-share swap, through which SPNEC would acquire shares of Solar Philippines in a portfolio of projects, which are mostly under joint ventures, including the 3.5 GW solar, 4.5 GWh battery Terra Solar project, which plans to supply Meralco mid-merit for around 12 hours per day; 1.8 GW of projects contracted under the DOE's Green Energy Auction; another 1.8 GW solar, 1.8 GWh battery project, which plans to supply Meralco baseload for up to 24 hours per day; and over 400 MW operating or under construction.

These share issuances also include the company's Stock Rights Offering (SRO), with its scheduled pricing date on August 18, ex-date on August 22, and start of offer period on August 30. The company has also recently disclosed that it is in discussions with investors for private placements to complete its share issuances planned in light of its asset-for-share swap.

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.

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