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Meralco takes control of solar firm for P16 billion

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Manila Electric Co. is bolstering its power generation business as it is poised to take majority ownership of SP New Energy Corp..

Meralco chairman and CEO Manuel V. Pangilinan shakes hands with SPNEC CEO Leandro Leviste after the signing of the investment agreement.

SPNEC will file its application for an increase in authorized capital stock to enable the investment.SPNEC is a publicly listed integrated developer, owner and operator of solar power projects.MGen, on the other hand, is a wholly owned subsidiary of Meralco, the country’s largest private sector electric distribution utility company.

MGen, through MGreen, has initially set its sights on reaching 1,500 MW of renewable energy capacity by 2030. Completion of the transaction is subject to the satisfaction of certain precedent conditions, including the relevant regulatory approvals.

 

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