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The Firm recently acted as counsel to the issue manager and lead underwriter in the initial public offering of Solar Philippines Nueva Ecija Corporation (SPNEC), the developer of what is planned to be the largest solar project in Southeast Asia. SPNEC made its trading debut on the Main Board of the Philippine Stock Exchange (PSE) on 17 December 2021.
The offering consisted of 2.7 Billion shares at an offer price of Php1.00 per share, giving SPNEC a market capitalization of Php 8.12 Billion.
ACCRALAW represented Abacus Capital & Investment Corporation, the issue manager and lead underwriter in the transaction, with a deal team led by Partner Melissa Angela G. Velarde, and assisted by Associates Mervin Kenneth C. Ignacio and Zyra Frances P. Aquilizan.
SPNEC is the first company to list under the PSE’s Supplemental Listing and Disclosure Rules for Petroleum and Renewable Energy Companies, which were issued in 2011. Under the Supplemental Rules, renewable energy companies are exempted from the track record and operating history requirements, and may list on the PSE provided that it has a valid and subsisting service contract awarded by the Department of Energy.