Businessman Manuel Pangilinan took the helm of SP New Energy Corp. (SPNEC), as MGen Renewable Energy (MGreen) completed its P15.9-billion investment in the solar energy firm founded by Leandro Leviste.
MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly-owned subsidiary of Manila Electric Co. chaired by Pangilinan.
SPNEC said in a disclosure to the stock exchange Wednesday its board approved the election of Pangilinan as its chairman, president and chief executive and Leviste as vice chairman.
This followed MGreen’s payment of the balance of P8.9 billion after infusing an initial P7 billion in November.
MGreen now owns 15.7 billion common shares and 19.4 billion preferred shares in SPNEC, translating into a voting interest of 50.5 percent.
“All of us shareholders are extremely fortunate for this opportunity. We are optimistic that becoming the newest member of the MVP Group of Companies will help SPNEC grow even beyond what we have planned, for the benefit of all shareholders and other stakeholders,” Leviste said.
Prior to the transaction, SPNEC’s parent Solar Philippines sold 1.6 billion secondary shares of SPNEC for P2 billion to Metro Pacific Investments Corp.
Meanwhile, SPNEC also appointed Amanda Roselle Bengson as director, chief compliance officer and corporate secretary; Pedro Emilio Roxas as independent director; Dominador Camu Jr. as chief operating officer; Anthony Matthew Co. as assistant treasurer; and Jo Marianni Ocampo as assistant corporate secretary.
SPNEC is the developer of a planned 3.5-gigawatt solar and 4.5-GWh battery project in Nueva Ecija, which would be the world’s largest single-contracted solar project.
SPNEC earlier said the total investment for the Nueva Ecija solar project could reach up to P200 billion.
“This will be one of the largest solar projects not just in Asia but in the world,” Pangilinan said earlier. “It’s a big project. It has attracted a lot of interest from foreign investors because it’s big. It’s transformative for the Philippines.”