MANILA Electric Co. (Meralco), through its unit MGen Renewable Energy, Inc. (MGreen), is open to acquiring a larger stake in integrated solar developer SP New Energy Corp. (SPNEC), the company’s chairman said.
“If it’s open, why not? It’s a good project. It owns 100% of Terra Solar for now, right? It’s the largest single-site solar facility in the world, and the Philippines should be proud of that,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan told reporters on July 29.
MGreen is the renewable energy unit of Meralco PowerGen Corp., a fully owned subsidiary of Meralco.
“[The solar project] is a very complex [and] huge undertaking,” Mr. Pangilinan noted.
SPNEC, through its subsidiary Terra Solar Philippines, Inc., is currently developing the P200-billion solar power project, which is said to be the world’s largest solar farm.
The solar project is located in Nueva Ecija and Bulacan, consisting of a 3,500-megawatt solar power plant and a 4,000-megawatt-hour energy storage system.
The first phase is targeted for completion by 2026, while the second phase is expected to be finished by 2027.
In February, MGreen raised its stake in SPNEC, boosting the controlling interest of the company and its affiliates to 55.96% from 50.55%.
The acquisitions amounted to P20.2 billion, allowing MGreen and its affiliates to own 19.473 billion common shares of SPNEC, or 38.89% of the total outstanding common shares of the company.
Before these developments, Solar Philippines Power Project Holdings, Inc., owned by Leandro Leviste, held the majority stake in SPNEC.
Solar Philippines continues to own 18.993 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.
Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
