Pangilinan-led MGen Renewable Energy Inc. (MGreen) has acquired 2.17 billion shares additional shares of SP New Energy Corp., from its mother company Solar Philippines Power Project Holdings Inc. (Solar Philippines) for P2.5 billion.
This brings the direct stake of MGreen in SPNEC to 35.74 percent, including the 15.7 billion shares it bought last year. Together with another 19.4 billion preferred shares the company also bought last year, MGreen has a total voting interest of 50.53 percent in SPNEC.
The Pangilinan Group, however, has a combined stake of 55.96 percent in the solar power company, with the inclusion of the 1.6 billion shares that Metro Pacific Investments Corp. (MPIC) bought for P2 billion in May last year. MPIC is an affiliate of MGreen.
MGreen is a wholly-owned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco, the country’s largest power distributor whose parent firm is MPIC.
SPNEC is touted to be the world’s biggest solar project through 100 percent-owned subsidiary Terra Solar Philippines Inc., which it is targeted for completion by 2027.
The P200-billion Terra solar development in Nueva Ecija and Bulacan which will consist of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery storage, would be completed in two phases.
The first phase is eyed for completion by 2026 with a target capacity of 2,500 MW.
On the other hand, the second phase is targeted to be finished by 2027. It has a target capacity of 1,000 MW.
