SP New Energy Corporation (SPNEC) completes the acquisition of Prime Infrastructure Inc.’s entire stake in the joint venture company, Terra Solar Philippines Inc. (TSPI), for Php 6 billion.
In a disclosure to the Philippine Stock Exchange, the transaction, executed through a deed of absolute sale on December 11, 2023, means that SPNEC is now the sole owner of TSPI.
Terra Solar was initially established as a 50-50 joint venture between SPNEC’s parent company, Solar Philippines Power Project Holdings Inc. (SPPPHI), and Prime Infra, to develop a 3.5-gigawatt (GW) solar farm integrated with a 4-gigawatt-hour (GWh) battery storage project.
In other developments, MGen Renewable Energy (MGreen), Solar Philippines, and SPNEC signed an agreement on October 12, 2023, involving a Php 15.9 billion investment.
Upon finalizing the agreement, MGreen will possess a majority voting interest of 50.5% in SPNEC. MGreen functions as the renewable energy development division of Meralco Powergen Corporation, which is a wholly-owned subsidiary of Manila Electric Company (MERALCO).
MERALCO Chairman and CEO Manuel Pangilinan shared that MGreen was planning to invest Php 200 billion in the solar project, covering photovoltaic panels, energy storage batteries, and the required land.
Major investment in the solar power facility would be made possible by MGreen’s purchase of the majority of SPNEC’s shares, and the project is now prepared to undergo development thanks to an estimated 2,000-hectare land purchase in the Nueva Ecija-Bulacan area last year.
