SP New Energy Corp. said Tuesday it bought out Prime Infrastructure Inc. of billionaire Enrique Razon Jr. from its renewable energy joint venture, Terra Solar Philippines Inc.
The listed renewable energy firm said it paid Prime Infrastructure P6 billion for its stake in Terra Solar, a company developing a 2,500-megaWatt solar farm and 4,000 MW-hour energy storage system, one of the largest solar hybrid projects in Southeast Asia.
SP New Energy said the deal with Prime Infrastructure, along with an earlier agreement, gave it 100 percent ownership of Terra Solar.
Terra Solar has a power supply deal to provide electricity distributor Manila Electric Co. (Meralco) 850MW mid-merit renewable energy than can serve 1.55 million homes a year at an average consumption of 200 kiloWatt-hours per month. The solar farm project could displace annual consumption of 1.4 million tons of coal or 930 million liters of oil.
