Manila Electric Company (MERALCO) is considering increasing its investment in SP New Energy Corporation (SPNEC) as it moves forward with a large-scale solar project that could elevate the Philippines’ global standing.
In a report by Inquirer, MERALCO CEO Manuel V. Pangilinan said that they would push through with it if possible.
The MVP Group took management of the solar company in late 2023, following MERALCO’s Php 15.9 billion investment in SPNEC to increase its renewable energy portfolio. This initial acquisition resulted in a 50.5% voting stake in the company. By February 2024, MERALCO further increased its stake in SPNEC to 55.96%.
As a result of this acquisition, SPNEC now functions as the renewable energy arm of MERALCO PowerGen Corporation (MGen), the power generation subsidiary of MERALCO.
Pangilinan described SPNEC as a “good project,” highlighting its ownership of Terra Solar.
He further noted that Terra Solar is the world’s largest single solar facility, emphasizing that the Philippines should be proud of this achievement. Upon completion, the massive 3,500 MW project, spanning 4,000 hectares, could be visible from space—a testament to its scale and significance.
Meanwhile, SPNEC CEO Emmanuel Rubio announced in July that the massive construction in Nueva Ecija and Bulacan had achieved a 54% completion rate. The building process will be completed in two phases, with the first phase aiming for a 2,500 MW capacity by 2026 and the second phase adding 1,000 MW by 2027.Last week, the Board of Investments (BOI) granted Terra Solar a green lane certificate, enabling SPNEC to accelerate the necessary paperwork.
