Only two of five foreign entities looking to take a minority position at Terra Solar Philippines Inc. will be allowed to come in, Metro Pacific Investments Corp. (MPIC) chairman Manuel V.l Pangilinan told reporters on Tuesday.
According to Pangilinan, the prospective investors could take up the maximum 40 percent equity allowed foreign investors in the enterprise rated the world’s largest solar project.
Terra Solar is developing solar farms in Nueva Ecija and Bulacan capable of generating 3,500 megawatts from solar panels and store another 4,000 megawatt-hours of battery power.
Pangilinan said SP New Energy Corp. will retain the majority 60 percent stake at Terra Solar. The Manila Electric Co. (Meralco) operates SPNEC which is majority owned by MGen Renewable Energy Inc.
Also, Pangilinan said the proposed collaboration with business tycoon Ramon Ang for a new tollway company is subject to government approval and likely complete towards the end of the year.
Pangilinan likewise said MPIC’s Indonesian assets will also be involved in the partnership eyed for listing at the Philippine Stock Exchange. He earlier said the planned merger will have a starting earnings before interest, taxes, depreciation and amortization of around P50 billion
Prior to the proposed collaboration, Pangilinan and Ang signed a P72 billion agreement to pursue the Cavite-Batangas Expressway as well as the Nasugbu-Bauan Expressway together.
