SP New Energy Corp. (SPNEC) said Manila Electric Co. has completed the purchase of company shares that give it control of the solar power company.
This follows after the approval by the Securities and Exchange Commission (SEC) for the increase in authorized capital stock of SPNEC to 75 billion common shares from 50 billion and 25 billion preferred shares.
Some 15.7 billion common shares and 19.4 billion of the preferred shares were then issued to MGreen.
“With the SEC’s approval and the issuance of these shares, the final conditions for MGreen’s investment have now been satisfied and MGreen is now the controlling shareholder of SPNEC with a total voting interest of 50.5 percent,” SPNEC said .
SPNEC said the increase in authorized capital stock also enables the company to pursue further fundraising exercises, including a follow-on offering.
Proceeds from MGreen’s investment, worth P15.9 billion, and other fundraising exercises will be used for the P200-billion Terra Solar project, which will be funded from a combination of capital infusion including the investment of MGreen and project financing.
Referred to as world’s largest solar project, Terra Solar is planned to consist of 3500 MW of solar panels and 4000 MWh and is now 100 percent owned by SPNEC.
