Philippines-based Metro Pacific Investments Corporation (MPIC) has agreed to acquire a 16 per cent stake in SP New Energy Corporation (SPNEC), a renewable energy company.
The company will initially invest PHP2 billion to acquire 1.6 billion common shares from Solar Philippines Power Project Holdings Incorporation (SPH). MPIC has also been offered the option to acquire a majority stake in the company. Proceeds from the transaction will be used to finance land investments in Nueva Ecija, a site of its future large-scale solar farm. Notably, SPNEC and SPH are currently completing an asset-for-share swap where SPH’s pipeline of over 8 GW of projects will be merged under SPNEC.