C07265-2021 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
Common | 38,225,838,177 |
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.
Subject of the Disclosure |
---|
Approval of joint venture with CleanTech Global Renewables, Inc. |
Background/Description of the Disclosure |
On 18 October 2021, the Board of Directors approved the proposed joint venture with CleanTech Global Renewables, Inc. (“Cleantech”) for the 200MWdc Lal-lo Solar Power Project in Lal-lo, Cagayan, subject to agreed conditions precedent, including applicable regulatory approvals, and subject further to execution of definitive documentation. |
Date of Approval by Board of Directors | Oct 18, 2021 |
---|---|
Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
---|
The Company and Cleantech intend to co-own Natures Renewable Energy Development Corp. (“NAREDCO” or the “Project SPV”), the project company for the proposed 200MWdc Lal-lo Solar Power Project to be constructed in Lal-lo, Cagayan. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
---|
The transaction will enable the Company to co-own the proposed 200MWdc Lal-lo Solar Power Project which will increase the Company’s attributable renewables capacity in line with its target to achieve 5,000 MW of attributable renewables capacity by 2025. |
Amount of investment and/or interest by the parties involved |
---|
TBD |
Provisions on profit-sharing, arrangements on management and operations |
The terms of the joint venture are currently being negotiated and finalized, including the manner by which the project will be managed and operated. |
Conditions precedent to closing of transaction, if any |
TBD |
Other salient features of the joint venture agreement |
TBD |
Name | Nature of Business | Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates | |
---|---|---|---|
CleanTech Global Renewables, Inc. | Renewable Energy Development | None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
---|
The joint venture will potentially add ~100MW of renewable energy to the Company’s power generation portfolio |
Other Relevant Information |
None |
Name | Alan Ascalon |
---|---|
Designation | Vice President/ Asst. Corporate Secretary |