Renewable energy firm Solar Philippines Nueva Ecija Corp. (SPNEC) will raise funds to put up its largest solar project in Southeast Asia and boost the country’s renewable energy capacity.

SPNEC got the nod of the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC) for an initial public offering (IPO) next month.

The company is offering 2.7 billion shares for PHP1 apiece between December 1 and 7 as the renewable energy firm targets to raise PHP2.7 billion.

It will use PHP1.3 billion from the IPO to complete its first 50-megawatt project, while the excess will be used for land banking.

“We thank the PSE and SEC for approving this IPO, which aims to give the public a new option to invest in RE and increase the RE capacity of the Philippines,” Solar Philippines founder Leandro Leviste said in a statement Monday.

SPNEC will build a 500-megawatt (MW) project in Nueva Ecija, part of the 1-gigawatt projects of Solar Philippines eyed to operate by next year.

Solar Philippines’ 63-MW project in Batangas with Korea Electric Power Corp. is already operational; its project with Razon Group’s Prime Infra in Tarlac is up for expansion at up to 200 MW; and the projects in Batangas and Cavite with a combined renewable energy capacity of 140 MW are expected to be fully operational by 2022.

“We’ve decided to make this our group’s first venture into the public markets because this is the asset that we are proudest to showcase: a site where the largest solar project in Southeast Asia will rise, with potential for expansion given its proximity to Manila, to meet the growing demand for renewable energy in the Philippines,” Leviste added.

During the 26th United Nations Climate Change Conference (COP26), Energy Secretary Alfonso Cusi reaffirmed the country’s commitment to supporting the global initiative of shifting to a cleaner source of energy.

Among the commitments made by the Philippines is the “rapid scale-up deployment of clean power generation”. (PNA)