ATN Holdings Inc. To Back 30 MW Philippine Solar Project with Share Sale.

e716b5efeca9957a7f0fe0604948e7b8790addaaPhilippine firm ATN Holdings Inc confirmed it will issue PHP 1 billion (USD 22m/EUR 20m) in preferred shares to support a 30-MW photovoltaic scheme in the province of Rizal.

The company has a stake in ATN Philippines Solar Energy Group Inc, which is the entity in charge of the project.

The latter will develop the PV capacity and subsequently provide operation and maintenance (O&M) services for it under a Solar Energy Service Contract (SESC) with the country’s Department of Energy (DoE).

The solar park will be located in the municipality of Rodriguez. Part of the proceeds from the share sale will also be used for the construction of a 34.5-kV sub-transmission line, which will connect the PV farm to the network of domestic utility Manila Electric Co, also known as Meralco.

Unicapital Inc will serve as financial advisor, issue manager and lead underwriter of the placement.

Originally from SeeNews Renewables

Author: Darvin Tocmo

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