ACCRALAW acted as counsel to the joint issue managers and joint lead underwriters in the stock rights offering (SRO) of Solar Philippines Nueva Ecija Corporation (SPNEC), the developer of what is planned to be the largest solar project in Southeast Asia.
SPNEC raised P2.8 billion from the SRO, which consisted of 1.875 Billion rights shares that were fully subscribed by shareholders in the first and second rounds of the SRO. The rights shares were listed in the Philippine Stock Exchange (PSE) on 15 September 2022. The proceeds from the SRO will fund new projects, including securing land and off-take agreements for the 3.5-gigawatt solar and the 4.5-GW battery Terra solar project.
ACCRALAW represented Abacus Capital & Investment Corporation and China Bank Capital Corporation, the joint issue managers and joint lead underwriters in the transaction, with a deal team led by Partner Melissa Angela G. Velarde, assisted by Senior Associate Shiree Amor P. Roma and Associates Mervin Kenneth C. Ignacio and Zyra Frances P. Aquilizan.