Infrastructure conglomerate Metro Pacific Investments Corp. said Tuesday it is acquiring a 16 percent stake in solar energy provider SP New Energy Corp. for P2 billion.
Based on the definite agreement signed by two parties, MPIC will acquire 1.6 billion secondary shares in SPNEC at P1.25 per share, a 25.6 percent discount to the stock’s closing price of P1.68 on Monday.
MPIC was also given the option further increase its stake to 43 percent, making it the largest shareholder of SPNEC after the renewable firm increases its authorized capital stock to P50 billion from P10 billion
MPIC said the acquisition is part of its overall plan to increase the group’s investments in the renewable energy sector.
SPNEC said proceeds from this transaction will be used to fund its land investments in Nueva Ecija, where the company is developing what could be Asia’s largest solar project.