The Razon-Leviste tandem which has secured an 850 mega-watt alternating current (MWac) power supply agreement with the electricity distributor Manila Electric Co. or Meralco have tightened their commercial agreements to ensure the delivery of alternative energy within the first three months of 2026, as committed.
SP New Energy Corp. said its parent Solar Philippines Power Project Holdings Inc. and Enrique K. Razon Jr.’s Prime Infrastructure Inc. have simplified the decision-making process at Terra Solar Philippines Inc., executed a P1-billion share-sale pact giving Enrique Razon full ownership of Solar Tanauan Corp. and another agreement involving accrued dividends and preferred shares worth some P1.5 billion resulting to one of the parties owning 100 percent of Solar Tarlac by or before March 31 this year.
The sale of Solar Philippines common shares to Razon’s Prime Infra for P1 billion will benefit SP New Energy Corp. after the share swap transaction, subject to regulatory approval, SPNEC said.
Solar Tanauan has a PSA with Meralco for 50 MWac and has secured over 140 hectares of land and its solar facilities under construction.
Solar Philippines and Prime Infra are equal partners in Terra Solar which committed to deliver to Meralco an 850 MWac of power by the first quarter of 2026 and should break ground within the year.
In Solar Philippines Tarlac Corp., the parties agreed that either Solar Tarlac or Solar Philippines will redeem or purchase Prime Infra’s preferred shares for P1.5 billion plus accrued dividends in Solar Tarlac by or before March 31. This would result in Solar Philippines owning 100 percent of Solar Tarlac.
Solar Tarlac has a PSA with Meralco for 85 MWac and currently has 100 megawatts operating and 50 MW under construction.
Terms of the agreements will apply to SPNEC upon the completion of its share swap with Solar Philippines.
Based on previous statements by Prime Infra, Terra Solar will invest over P200 billion to construct up to 3500 MW solar and 4500 MWh battery power plant, potentially making Terra Solar one of the world’s largest.
