Corporate titan Manuel V. Pangilinan has completely acquired solar energy establishment, SP New Energy Corporation (SPNEC).
In a disclosure to the Philippine Stock Exchange (PSE), SPNEC said that MGen Renewable Energy (MGreen), the renewable energy arm of Manila Electric Company (MERALCO), has completed its acquisition by paying the remaining balance of Php 8.9 billion.
The transaction, which involved 15.7 billion common shares and 19.4 billion preferred shares, resulted in MGreen holding a total voting interest of 50.5% in SPNEC, complementing its initial payment of Php 7 billion.
As a result, Pangilinan was chosen by SPNEC to serve as its new president, CEO, and chairman, while its founder, Leandro Leviste, serves as vice chairman.
MGreen declared earlier this year that it intended to purchase a portion of SPNEC as part of its strategy to construct 1,500 MW of renewable energy capacity by 2030, to activate the project’s initial 600 MW in the first quarter of 2026.
MGreen intended to utilize SPNEC as the primary vehicle for the development of 3,500 MW of solar panels and 4,000 megawatt-hours (MWh) of battery energy storage systems.
Leviste’s Solar Philippines, through its majority ownership of SPNEC, is working on a massive project in Nueva Ecija, aiming to build a solar power system with a capacity of 3.5 GW and a battery storage system with a capacity of 4.5 GWh.
Should the project be successful, this project would become the world’s largest solar initiative under a single contract.