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Tycoon Manuel V. Pangilinan has taken over the helm of SP New Energy Corporation (SPNEC) after Manila Electric Company (Meralco), through MGen Renewable Energy (MGreen), completed its acquisition of a controlling stake in the solar energy firm for P15.9 billion.
In a disclosure to the Philippine Stock Exchange (PSE), SPNEC said Pangilinan has been elected as chairman of the board of directors as well as president and chief executive officer.
He takes over from SPNEC Founder Leandro Leviste who has been elected as vice chairman by the board of directors.
SPNEC said MGreen made its balance payment of P8.9 billion to complete the acquisition. As a result, MGreen will own 15.7 billion common shares and 19.4 billion preferred shares in SPNEC, translating to a total voting interest of 50.5 percent.
SPNEC also appointed Amanda Roselle A. Bengson as director, chief compliance officer, and corporate secretary; Pedro Emilio O. Roxas as independent director; Dominador M. Camu Jr. as chief operating officer; Anthony Matthew N. Co as assistant treasurer; and Jo Marianni P. Ocampo as assistant corporate secretary.
MGreen is the renewable energy development arm of Meralco Powergen Corporation, a wholly-owned subsidiary of the Manila Electric Company, the country’s largest private sector electric distribution utility company.
SPNEC is the developer of a planned 3.5 GW solar and 4.5 GWh battery project centered in Nueva Ecija, which would be the world’s largest single contracted solar project. It is currently majority-owned by Leviste’s Solar Philippines.
Prior to the transaction, Solar Philippines sold 1.6 billion secondary shares of SPNEC for P2 billion to Metro Pacific Investments Corporation and entered into an Option Agreement to sell up to 7.4 billion secondary shares for up to P9.25 billion. Based on 50.1 billion shares outstanding, this would value SPNEC at P63 billion.
The estimated total investment for the company’s planned Nueva Ecija solar project has been pegged at “around P200 billion.”
“This will be one of the largest solar projects not just in Asia, but in the world. 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,” Pangilinan previously said.
Leviste noted that, “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.” — James A. Loyola
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Credit belongs to: www.mb.com.ph
