MGen Renewable Energy Inc. (MGreen), a unit of publicly-listed power distributor Manila Electric Co., has acquired 2.17 billion SP New Energy Corp. (SPNEC) shares from its parent Solar Philippines Power Project Holdings Inc. for P2.5 billion.
The shares account for an additional 4.34 percent of SPNEC, the company said in its disclosure to the Philippine Stock Exchange.
MGreen previously acquired 15.7 billion common shares representing 31.4 percent of SPNEC’s total outstanding common shares which, together with an earlier acquisition of 19.4 billion preferred shares, bring MGreen’s total voting interest in SPNEC to 50.53 percent.
In May last year, conglomerate Metro Pacific Investments Corp. initially purchased from Solar Philippines 1.6 billion SPNEC shares for P2 billion. MGreen is an MPIC affiliate.
The acquisitions extend MGreen and its affiliates ownership of a total 19.47 billion SPNEC common shares, or 38.89 percent of the total outstanding common shares for P20.2 billion.
Along with redeemable preferred voting shares, the acquisitions bring the total MGreen and affiliates voting interest to 55.96 percent.
Earlier this month, controlling ownership at SPNEC officially changed hands to MGreen from Solar Philippines.
MGreen, a wholly-owned subsidiary of Meralco Powergen Corp., is also a wholly-owned subsidiary of Meralco whose largest shareholder is MPIC.
Solar Philippines continues to own 18.99 billionSPNEC shares, with other shareholders and the public owning the remaining shares.
SPNEC is planning the development of a 3.5-GW solar and 4.5-GWh battery facility in Nueva Ecija touted as 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 chairman, president and CEO while Leviste was appointed vice chairman.
Also appointed were 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.
