Based on the definite agreement signed by the two parties, MPIC will acquire 1.6 billion secondary shares owned by Solar Philippines Power Project Holdings Inc. in SPNEC at P1.25 per share.
MPIC said the deal is part of its overall plan to increase the group’s investments in the renewable energy sector. It also aims to make SPNEC the largest renewable energy company in the Philippines. SPNEC said it would use the proceeds from the transaction to fund land investments in Nueva Ecija, where the company is developing what could be Asia’s largest solar project.
SPPPHI founder and president Leandro Leviste said in a statement the partnership with MPIC is a part of SPNEC’s strategy to bring in an equity partner to support projects.
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