MGen Renewable Energy Inc. (MGreen), a unit of listed power distributor Manila Electric Co. (Meralco), has acquired 2.17 billion shares of SP New Energy Corp. (SPNEC) from its parent Solar Philippines Power Project Holdings Inc. for P2.5 billion.
This represents 4.34 percent of SPNEC, the company said in its disclosure to the Philippine Stock Exchange.
MGreen has previously acquired 15.7 billion common shares representing 31.4 percent of SPNEC’s total outstanding common shares, which together with acquiring 19.4 billion preferred shares, brings MGreen’s total voting interest in SPNEC to 50.53 percent
In May 2023, conglomerate Metro Pacific Investments Corp. (MPIC) made its initial purchase from Solar Philippines of 1.6 billion shares of SPNEC for P2 billion. MPIC is an affiliate of MGreen.
These acquisitions bring MGreen and its affiliates to a total of 19.47 billion common shares of SPNEC, or 38.89 percent of the total outstanding common shares of SPNEC acquired for P20.2 billion.
Along with its redeemable preferred voting shares, the acquisitions bring the total voting interest of MGreen and its affiliates to 55.96 percent.
Earlier this month, the control in SPNEC officially changed hands to MGreen from Solar Phillippines.
MPIC is the largest shareholder of MeralcoMGen Renewable Energy Inc. (MGreen), a unit of listed power distributor Manila Electric Co., has acquired 2.17 billion shares of SP New Energy Corp. (SPNEC) from its parent Solar Philippines Power Project Holdings Inc. for P2.5 billion.
MGreen is a wholly-owned subsidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco, whose largest shareholder is MPIC.
Solar Philippines continues to own 18.99 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.
SPNEC is the developer of a planned 3.5 GW solar and 4.5 GWh battery project centered in Nueva Ecija, which would be the world’s largest single contracted solar project.
Prior to MGreen’s entry SPNEC was majority-owned by Solar Philippines, led by Leandro Antonio L. Leviste
SPNEC’s board of directors recently approved the election of businessman Manuel V. Pangilinan as its chairman, president and CEO, while Leviste was appointed as the company’s vice chairman.
The company also appointed Amanda Roselle A. Bengson as director, chief compliance officer, and corporate secretary; Pedro Emilio O. Roxas as independent director; Dominador M. Camu Jr. as COO; Anthony Matthew N. Co as assistant treasurer; and Jo Marianni P. Ocampo as assistant corporate secretary.