Five foreign entities have signified interest to take stakes in Terra Solar Philippines Inc., the corporate vehicle of the world’s largest solar project, according to Manuel Pangilinan, chairman of Metro Pacific Investments Corp. (MPIC).
MPIC subsidiary Manila Electric Co. operates SP New Energy Corp. (SPNEC) which has majority ownership through MGen Renewable Energy Inc.
Terra Solar is the corporate vehicle under SPNEC which is developing a solar farm in Nueva Ecija and Bulacan with 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery energy storage.
However, Pangilinan said only 40 percent of Terra Solar will be opened for partners with SPNEC maintaining its 60 percent stake.
He added only two parties will be taken in to help develop Terra Solar.
Pangilinan also said MPIC’s partnership with San Miguel Corp. on tollway will also likely be completed towards the end of the year as it is still subject to government approval.
Pangilinan said MPIC’s Indonesian assets will be involved in the toll partnership that is being eyed to be listed at the Philippine Stock Exchange.
Earlier, Pangilinan said the planned merger is set to have a starting earnings before interest, taxes, depreciation and amortization of around P50 billion
MPIC and Ang earlier signed a P72-billion deal to put up the Cavite-Batangas Expressway as well as the Nasugbu-Bauan Expressway.
