Image: Lainecedillo, Wikimedia Commons
Manila Electric Co. (Meralco) has increased its stake in solar energy company SP New Energy Corporation (SPNEC), the largest solar energy developer in the Philippines.
According to a listing on the Philippine Stock Exchange, MGen – a wholly owned subsidiary of Meralco – has acquired an additional 5.8 billion shares in SPNEC, equivalent to 11.6% of the company, from Solar Philippines Power Project Holdings Inc for a total consideration of PHP 7.5 billion. .
The deal brings the total investment of MGen and its subsidiaries to PHP27.9 billion for 25.3 billion shares, equivalent to 50.5% of SPNEC. Solar Philippines will continue to own 14.7 billion shares, equivalent to 29.4% of the company.
In the listing, SPNEC said it does not expect the transaction to have a material impact on its business and operations.
Early this year, SPNEC and Solar Philippines broke ground on a 4GW solar farm touted as the world’s largest solar array.
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