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Solid Group Inc., the listed conglomerate led by Elena Lim and best known for the MyPhone brand, is putting real money into solar manufacturing. Its board approved on Nov. 10 an additional $8-million infusion into its wholly owned offshore unit so that unit can take half of a solar cell and module plant built for export buyers.
What the stock exchange filing says
The company told the Philippine Stock Exchange that Brilliant Reach Ltd., its wholly owned foreign subsidiary, will form a joint venture in Singapore with MSRenewable Investment Holding Ltd., a firm with Singaporean investors. Brilliant Reach will put in $20 million for a 50 percent stake.
Of that $20 million, $8 million comes from the parent and $12 million from Brilliant Reach’s existing cash. Solid Group said the capital contributions are still subject to regulatory approvals.
Bilyonaryo put the venture at $40 million and said each side is contributing $20 million for half. The filing itself did not break out the partner’s own contribution.
What the plant will make, and what Solid did not say
The joint venture will develop, own and operate a manufacturing facility in the Philippines producing solar photovoltaic cells, modules and related products. Output is intended for overseas markets.
The disclosure did not give the plant’s location, its production capacity, or a construction timetable. It also did not name a site or say when the facility would start running.
The money, line by line
| Item | Amount |
|---|---|
| Parent infusion into Brilliant Reach | $8 million |
| Brilliant Reach contribution from its own cash | $12 million |
| Brilliant Reach total stake in the venture | $20 million |
| Stake held for that amount | 50 percent |
| Venture value as reported by Bilyonaryo | $40 million |
Why a property and electronics group wants a solar factory
Solid Group said the venture would diversify its investment portfolio and open new revenue streams as demand for renewable energy products grows. It also warned that returns will depend on how the facility is developed and how it performs once running.
Building panels is a different business from building solar farms, and the filing puts Solid Group on the factory side of that line. The country’s project pipeline has been on the generation side, including AboitizPower’s 60 percent stake in a 191-MW Bukidnon solar project and a Taiwanese firm’s plan to build floating solar floats in Pampanga.
What is still open
For now the disclosure leaves the basics unanswered: where the plant will rise, how much it will produce, and when it will be finished. What is settled is the money, the split, and the export target.
The photo above shows a solar module assembly line operated by Bluebird Solar, with workers at stringing and layup stations. It shows an existing production line and does not depict the facility Solid Group plans to build. (Photo: Bluebird Solar Manufacturing Unit, Wikimedia Commons, CC BY-SA 4.0)
