Solar Philippines Nueva Ecija Corporation

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

Material Information/Transactions

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. 009-468-1034. Exact name of issuer as specified in its charter Solar Philippines Nueva Ecija Corporation5. Province, country or other jurisdiction of incorporation Metro Manila, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 20th Floor PhilamLife Tower, 8767 Paseo de Roxas, Barangay Bel-Air, Makati City 1226, PhilippinesPostal Code12268. Issuer's telephone number, including area code (02) 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 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Update on SPNEC's Developments

Background/Description of the Disclosure

Further to the Board of Directors of SPNEC's approval dated February 14 2022 for the acquisition of land to be funded from the proceeds of SPNEC's planned Stock Rights Offering (SRO) and Initial Public Offering (IPO), as available, please be advised that 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. This 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.

SPNEC's planned share issuances should result in the consolidation of ingredients that would enable a project of this scale. These share issuances include the Company's SRO and asset-for-share swap, through which SPNEC would acquire shares of Solar Philippines in a portfolio of projects, which are mostly under joint ventures.

Other Relevant Information

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