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Solar Philippines Nueva Ecija concludes IPO

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Solar Philippines Nueva Ecija Corporation (SPNEC) concluded its initial public offering (IPO) with the listing of its shares at the Philippine Stock Exchange (PSE) on Friday, December 17. SPNEC is the first company to list under PSE’s Supplemental Listing and Disclosure Requirements for Petroleum and Renewable Energy Companies which took effect in September 2011.

SPNEC raised Php2.7 billion from the sale of its primary shares which will be utilized for the construction and development of the company’s 50-megawatt solar project in the province of Nueva Ecija dubbed Phase 1A, transmission line construction, lease for 2022 and general corporate purposes.

In his welcome remarks during the listing ceremony, PSE President and CEO Ramon S. Monzon said, “I am optimistic that this solar farm project will be equally successful and profitable as the two other solar farms of the SPNEC’s parent company in Batangas and Tarlac.” He also commended SPNEC for being one of the companies at the forefront of addressing UN Sustainable Development Goal 7 which aims to ensure access to affordable, reliable, sustainable and modern energy for all.

Photo 1 (left, by row): SPNEC Independent Director Benjamin I. Espiritu and PSE COO Atty. Roel A. Refran; SPNEC Director Hazel Iris P. Lafuente, SPNEC Chairman, President and CEO Leandro Antonio L. Leviste, PSE President and CEO Ramon S. Monzon and PSE Issuer Regulation Division Head Atty. Marigel B. Garcia; SGV Chairman and Managing Partner Mr. Wilson P. Tan, Abacus Capital & Investment Corporation Chairman and President Mr. Paulino S. Soo and Securities Clearing Corporation of the Philippines COO Ms. Renee Rubio.

Photo 2 (left, by row): SPNEC Chairman, President and CEO Leandro Antonio L. Leviste, PSE President and CEO Ramon S. Monzon, PSE Chairman Jose T. Pardo, PSE Director Chief Justice Teresita Leonardo-De Castro (ret.) and Securities and Exchange Commission (SEC) Commissioner Ephyro Luis B. Amatong; SPNEC Independent Director Carlos Jose P. Gatmaitan, PSE Director Ferdinand K. Constantino, SEC Commissioner Kelvin Lester K. Lee, ACCRA Senior Legal Counsel Atty. Victory P. Lazatin and Investment and Capital Corporation of the Philippines (ICCP) CEO and President Valentino S. Bagatsing; ICCP Managing Director Jesus Mariano P. Ocampo, ACCRA Partner Atty. Melisa G. Velarde, PSE Corporate Secretary Atty. Aissa V. Encarnacion, Picazo Law Managing Partner Atty. Gabriel A. Dee and Picazo Law Partner Atty. Mahleene G. Go.#

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