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On the other hand, still much cheaper both to build and operate than the equivalent in conventional power plants. But I do wonder where all that money is coming

On the other hand, still much cheaper both to build and operate than the equivalent in conventional power plants. But I do wonder where all that money is coming from. Foreign investors?

diggan 3y ago
Seems it was funded by the IPO of "SP New energy Corp" > Funded by proceeds from its P2.7-billion initial public offering, the first 50 megawatts are targeted to start delivering power to the grid by the end of 2022, driving profitability for the firm - https://www.gmanetwork.com/news/money/companies/815990/spnec-starts-construction-of-biggest-solar-project-in-southeast-asia/story/ https://www.gmanetwork.com/news/money/companies/815990/spnec... > Mr Leandro Leviste, 28, will seek to raise as much as 2.7 billion pesos (S$74 million) by selling shares in Solar Philippines Nueva Ecija, a unit of his Solar Philippines Power Project Holdings. The funds will go towards constructing the first phase of a 500MW plant in a province about 130km north of Manila - https://www.straitstimes.com/business/economy/a-28-year-old-aims-to-build-a-giant-solar-farm-in-asia https://www.straitstimes.com/business/economy/a-28-year-old-... Interesting enough, seems the founder initially got the funds by selling their Tesla and SolarCity shares: > Mr Leviste founded Solar Philippines in 2013 after selling the shares in Tesla Motors and SolarCity he bought while attending Yale University in the United States - https://www.straitstimes.com/business/economy/a-28-year-old-aims-to-build-a-giant-solar-farm-in-asia https://www.straitstimes.com/business/economy/a-28-year-old-...
- lawgimenez 3y ago
  SPNEC is owned (bought it from Leviste) by MVP which also owned several digital, electric, mining, hospital companies here. Totally rich nonetheless.
  - diggan 3y ago
    Yeah, I imagined. Also guessing Leandro Leviste had help to acquire their shares in the first place, as it's not super common for people to have funds available for stocks when they join university, unless someone help them afford it.
    - lawgimenez 3y ago
      He’s the son of one of the largest political clans here too. If you know what I mean.
      - alephnerd 3y ago
        From Batangas right?
        lawgimenez 3y ago
        I believe so.
- dmurray 3y ago
  That accounts for 2.7 billion pesos - a good start but hardly a dent in the 200 billion figure.

On the other hand, still much cheaper both to build and operate than the equivalent in conventional power plants. But I do wonder where all that money is coming from. Foreign investors?

diggan 3y ago

Seems it was funded by the IPO of "SP New energy Corp" > Funded by proceeds from its P2.7-billion initial public offering, the first 50 megawatts are targeted to start delivering power to the grid by the end of 2022, driving profitability for the firm - https://www.gmanetwork.com/news/money/companies/815990/spnec-starts-construction-of-biggest-solar-project-in-southeast-asia/story/ https://www.gmanetwork.com/news/money/companies/815990/spnec... > Mr Leandro Leviste, 28, will seek to raise as much as 2.7 billion pesos (S$74 million) by selling shares in Solar Philippines Nueva Ecija, a unit of his Solar Philippines Power Project Holdings. The funds will go towards constructing the first phase of a 500MW plant in a province about 130km north of Manila - https://www.straitstimes.com/business/economy/a-28-year-old-aims-to-build-a-giant-solar-farm-in-asia https://www.straitstimes.com/business/economy/a-28-year-old-... Interesting enough, seems the founder initially got the funds by selling their Tesla and SolarCity shares: > Mr Leviste founded Solar Philippines in 2013 after selling the shares in Tesla Motors and SolarCity he bought while attending Yale University in the United States - https://www.straitstimes.com/business/economy/a-28-year-old-aims-to-build-a-giant-solar-farm-in-asia https://www.straitstimes.com/business/economy/a-28-year-old-...

lawgimenez 3y ago
SPNEC is owned (bought it from Leviste) by MVP which also owned several digital, electric, mining, hospital companies here. Totally rich nonetheless.
- diggan 3y ago
  Yeah, I imagined. Also guessing Leandro Leviste had help to acquire their shares in the first place, as it's not super common for people to have funds available for stocks when they join university, unless someone help them afford it.
  - lawgimenez 3y ago
    He’s the son of one of the largest political clans here too. If you know what I mean.
    - alephnerd 3y ago
      From Batangas right?
      - lawgimenez 3y ago
        I believe so.
dmurray 3y ago
That accounts for 2.7 billion pesos - a good start but hardly a dent in the 200 billion figure.