Provincia Investments Corp., a company owned by Solar Philippines founder Leandro Leviste, is investing P15 billion in Batangas and other provinces.
The investments are in addition to the initial P5 billion poured into Countryside Investments Holdings Corp., another company owned by Leviste.
“We are grateful to our partners who have helped our business grow. Now that we have this capital, it is our responsibility to invest it to benefit as many of our countrymen as we can,” Leviste said.
In 2021, Provincia borrowed from Ayala group’s AC Energy Corp. to fund the acquisition of land in Tarlac. The loan has since been paid in full.
Provincia also recently acquired the largest poultry farm in Nueva Ecija, which owns approximately 60 hectares. The company did not disclose the price of the transaction but said the land was valued at an attractive price net of the value of the poultry structures.
Provincia will work with Solar Philippines to develop its landbank in Batangas, Tarlac and Nueva Ecija, the company said.
“Provincia aims to make provinces better than Manila. Provincia is focused on making value investments in real estate and equities for industrial, commercial, energy and infrastructure-related developments,” the company said.
By creating jobs in rural areas, the company helps boost household incomes and push the sustainable development of its target provinces, it said.
The investments, the company said, are funded from proceeds from the sale of secondary shares of listed firm SP New Energy Corp.
Meralco PowerGen Corp. recently paid Leviste’s wholly-owned Solar Philippines Power Project Holdings Inc. P6.7 billion for 5.8 billion worth of SPNEC shares.
Solar Philippines has raised approximately P15 billion to date from SPNEC shares but will continue to own approximately 29 percent of the business.
SPNEC’s solar projects are in Batangas, Tarlac, and Nueva Ecija where Provincia’s first investments are also located.
