MANILA – Manny V. Pangilinan’s Metro Pacific Investments Corp. (MPIC) is investing in the Leviste family’s renewable energy (RE) firm SP New Energy Corp. (SPNEC), which aims to be the largest RE company in the country.
In a disclosure to the Philippine Stock Exchange Tuesday, MPIC said it bought 1.6 billion common shares, or 16 percent equity shares, in SPNEC from Solar Philippines Power Project Holdings, the parent company of SPNEC.
The acquisition of shares costs PHP2 billion, which will fund SPNEC’s land investments in Nueva Ecija where it is building Asia’s largest solar farm.
The MPIC said its investments in SPNEC are guided by the goal of the Department of Energy to increase the share of RE in the energy mix to 35 percent in 2023 from the current 22 percent.
“Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments,” Pangilinan said.
Pangilinan, the chairman and president of MPIC, will also become the chairman of the board of SPNEC after the acquisition transaction.
The MPIC said the company was given the option to become the single largest shareholder in SPNEC.
“This would position MPIC to be a leading contributor to the country’s renewable energy goals, and is also a corollary to MPIC’s investments in biodiversity protection to help mitigate the devastating impacts of climate change,” it added.
Moreover, SPNEC president and chief executive officer Leandro Leviste said having MPIC on board would help the company in rolling out its RE projects.
“We have long seen a partnership with MPIC to be the key to unlock the potential of our project pipeline. We are humbled and grateful for this opportunity, and believe that SPNEC now has the final ingredients to realize the value of our developments for the benefit of all stakeholders,” Leviste said. (PNA)