SP New Energy Corp. said over the weekend the move to streamline its various joint venture partnerships with Prime Infrastructure Inc. will enable it to proceed with the proposed share swap agreement with parent firm Solar Philippines Power Project Holdings Inc.
SPNEC said in a statement that as Solar Philippines’ shares in some of the joint venture partnerships with Prime Infra are part of SPNEC’s share swap, the amendments to the agreements would help make the decision-making process more efficient.
SPNEC on Friday reported the parties agreed to continue their 50-50 joint venture in Terra Solar Philippines Inc. In Solar Tanauan Corp, the parties agreed that SP would sell its common shares to Prime Infra for P1 billion, which would result in Prime owning 100 percent of Solar Tanauan.
The parties also agreed that SP would redeem or purchase Prime Infra’s preferred shares in Solar Philippines Tarlac Corp. by or before March 31, 2024. This would result in SP owning 100 percent of SPTC. “With these agreements, SP and Prime have agreed to focus the efforts of their JV on TSPI, in recognition of the value in working together for the success of the Terra Solar project,” SPNEC said. Jenniffer B. Austria