Metro Pacific Investments Corporation or MPIC has signed definitive agreements to purchase up to P23.75 Billion for 19 Billion Shares and become the largest shareholder of SP New Energy Corporation or SPNEC with 42.82%.
SPNEC disclosed to the Philippine Stock Exchange that the option agreement which granted MPIC or its affiliated companies the option had been signed by the conglomerate, Solar Philippines Power Project Holdings, Inc. and SPNEC.
The agreement gives the MPIC Group an option to purchase up to 17.4 billion SPNEC Shares, consisting of up to 10 billion primary shares at a price of up to P12.5 Billion and up to 7.4 billion secondary shares at a maximum of P9.25 Billion, provided that SPNEC increases its authorized capital stock from 10-50 billion shares.
MPIC has also completed its acquisition of 1.6 billion SPNEC Shares from SPPPHI for P2 billion.
MPIC will help SPNEC to accelerate the acquisition of SPPPHI shares in different entities, and the funding of their developments. The goal is to make SPNEC the biggest renewable energy company in the Philippines.
SPNEC’s Nueva Ecija project, which could be Asia’s largest solar power plant, is the largest.
MPIC’s investment in SPNEC was guided by the Department of Energy’s vision that by 2030, 35% of all energy consumed by the country would be renewable.
“Our focus on renewable energy will bring the MVP Group closer to our mission, which is to create long-term value through responsible and sustainable investment for our stakeholders,” MPIC Chairman & President Manuel V. Pangilinan stated during the signing of MPIC’s first investment.
Leandro Leviste, Founder and CEO of SPNEC and SPPPHI said, “We’ve long believed that a partnership between MPIC and SPNEC is the key to unlocking the potential of our pipeline.”
He added, “We’re humbled and grateful to have this opportunity. We believe SPNEC has now the final ingredients needed to realize the full value of our development for all stakeholders.”
 has signed agreements to purchase up to P23.75 billion for 19 billion shares and become the largest shareholder of SP New Energy Corporation (SPNEC) with 42.82%. The investment will help SPNEC become the biggest renewable energy company in the Philippines, and MPIC's focus on renewable energy aligns with the Department of Energy's vision for the country's energy consumption by 2030.){kind=link}