SPNEC bags $64.26m loan for solar expansion
The financing will also refinance its current loan.
SP New Energy Corp. (SPNEC) has secured a loan facility of up to $64.26m (PHP 3.78b) that will fund the expansion of its solar facility in Tarlac in the Philippines.
In a bourse filing, the company said the its board approved the creation of a security interest over shares of its subsidiary Solar Philippines Tarlac Corp. (SPTC) to secure repayment of the loan.
SPNEC will be the sponsor for the issuance of a standby letter of credit for debt service reserve account purposes.