, announced that its board of directors reallocated P65 million of the IPO proceeds that were originally scheduled for the Solana Solar Project, Ibulao Mini Hydro Project, Cavite Offshore Wind Project, Tablas Strait Offshore Wind Project, and the operationalization of Green Energy Supply Solutions Inc. The funds will now be applied to the Tanay Wind Project and Alabat Wind Project, which are both scheduled to begin construction in Q2.
While I think this is one of the least objectionable uses of this reallocation power, I still think that the investing ecosystem is better served by a rule amendment that would require a board to obtain the majority approval of the public float before allowing significant deviations from the Use of Proceeds plan that was published in the prospectus.