Metro Manila (CNN Philippines, December 27) — Tycoon Manuel V. Pangilinan (MVP) will take control of SP New Energy Corporation (SPNEC), as Meralco’s renewable energy development unit MGreen completed its majority purchase.
Meralco said MGreen completed its ₱15.9-billion investment in SPNEC, a subsidiary of Solar Philippines founded by Leandro Leviste, son of Senator Loren Legarda.
“As a result, MGreen will own 15.7 billion common shares and 19.4 billion preferred shares in SPNEC, translating to a total voting interest of 50.5%,” Meralco said.
Pangilinan was also voted on Wednesday as chairman, president, and chief executive officer, while Leviste is vice-chairman.
Earlier, Solar Philippines also sold 1.6 billion of its secondary shares to MVP’s Metro Pacific Investments Corporation for ₱2 billion. The two also signed a deal to sell up to 7.4 billion secondary shares for up to ₱9.25 billion.
In total, Meralco said the 50.1 billion shares outstanding would place SPNEC’s value at ₱63 billion.
SPNEC is the developer of a planned 3.5-gigawatt-hours (GWh) solar and 4.5-GWh battery project in Nueva Ecija. SPNEC is currently majority-owned by Leviste’s Solar Philippines.
Meanwhile, SPNEC currently has a solar project pegged at about ₱200 billion centered in Nueva Ecija. Pangilinan said this is expected to be one of the world’s largest single contracted solar projects.
“It’s a big project. It has attracted a lot of interest from foreign investors because it’s big. It’s transformative for the Philippines,” Pangilinan said.
Leviste said the entry of the MVP Group of Companies into SPNEC will help it grow even beyond what has been planned for the benefit of shareholders and stakeholders.
“All of us shareholders are extremely fortunate for this opportunity. We are optimistic that becoming the newest member of the MVP Group of Companies will help SPNEC grow even beyond what we have planned, for the benefit of all shareholders and other stakeholders,” Leviste said.
MGreen is the arm of Meralco Powergen Corporation, a subsidiary of power distributor Meralco, while SPNEC is a battery project developer, a subsidiary of Solar Philippines.
