Solar Philippines Power Project Holdings Inc. and Prime Infrastructure Capital Inc. agreed to sign agreements to advance their solar power joint ventures.
SP New Energy Corp. said in a disclosure to the Philippine Stock Exchange Friday its board approved on Feb. 9 the planned MOA signing between parent company Solar Philippines and Prime Infra for their partnerships in Terra Solar Philippines Inc., Solar Tanauan Corp. and Solar Philippines Tarlac Corp.
Solar Philippines’ shares in these joint ventures are part of SPNEC’s share swap.
The MOA includes an amendment to the shareholders’ agreement of Terra Solar to streamline the decision-making process and reach agreements efficiently and commercially via deadlock resolution mechanisms.
The parties agreed to continue the Terra Solar joint venture, which signed an 850-megawatt power supply agreement with Manila Electric Co. with a scheduled delivery date by the first quarter of 2026.