C08607-2021

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)
Dec 22, 2021
2. SEC Identification Number
CS201627300
3. BIR Tax Identification No.
009-468-103
4. Exact name of issuer as specified in its charter
Solar Philippines Nueva Ecija Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
20th Floor Philamlife Tower, 8767 Paseo de Roxas, Makati City, Philippines Postal Code 1226
8. Issuer's telephone number, including area code
+632-88172585
9. Former name or former address, if changed since last report
N/A
10. 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 Events

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

Press Release: Solar Philippines Unit Prepares 1000-Hectare Expansion for Joint Venture
Background/Description of the Disclosure

Fresh from its Php 2.7 billion IPO on December 17, Solar Philippines Nueva Ecija Corporation (SPNEC) has indicated that it is preparing its planned expansion for a joint venture.

According to the company’s prospectus, part of the IPO use of proceeds is to construct the first 50 MW out of the 500 MW that SPNEC has already developed, and the largest part of the IPO use of proceeds is to acquire land to expand beyond 500 MW, in support of SPNEC’s plan to develop the largest solar project in Southeast Asia.

In response to questions on the planned expansion beyond 500 MW, Solar Philippines founder Leandro Leviste said: “We are preparing an initial 1000 hectares for a joint venture with a partner who can help turn this plan into a reality.”

While the partner has not been named, Leviste has emphasized in previous interviews the view that partnering with the country’s leading companies will be key to accelerate the transition to renewable energy.

In 2020, Solar Philippines announced its strategic shift towards Sites and Partners, focusing on creating value from the development of greenfield sites and then bringing in other companies as partners once the project has been de-risked.

In the case of its Nueva Ecija developments, SPNEC is initially limited by the power demand of Central Luzon, but the development of around 60 km of transmission to Bulacan would enable SPNEC to deliver more power directly to the Greater Manila Area. The company has noted this expansion potential is one of the reasons it prioritized this project and pursued the IPO of SPNEC.

Leviste elaborated: “This project’s scale is both its advantage and disadvantage. Unlike 100 MW projects located next to existing transmission, this one will need to be at Gigawatt-scale to justify the development of new transmission, which is why others have not sought to develop in this area. This is a bet on the demand for large-scale solar, and if such demand does come, this project can become larger than all the solar projects to date in the Philippines combined.”

These developments are in response to the Department of Energy’s (DOE) increase of the Renewable Portfolio Standard target to 35% of the country’s energy that would need to be sourced from renewable energy by 2030, which would translate to the need to build over 20,000 MW of solar. According to the DOE’s latest figures as of December 2020, the Philippines had a total operating grid-connected solar capacity of 1,021 MW.
Other Relevant Information

None
Filed on behalf by:
Name Hazel Iris Lafuente
Designation Director, Treasurer, Corporate Secretary, Head of Community Development and Chief Information Officer