Meralco unit increases stake in PV developer in Philippines
- Admin
- Sep 6, 2024
- 2 min read
Manila Electric Co. (Meralco) increased its stake in solar company SP New Energy Corporation (SPNEC) by acquiring additional shares. MGen, a subsidiary of Meralco, acquired 5.8 billion shares from Solar Philippines Power Project Holdings Inc. The deal amounts to PHP 7.5 billion, bringing MGen's total investment in SPNEC to PHP 27.9 billion for 50.5% ownership. Solar Philippines will retain 29.4% ownership. SPNEC does not expect the transaction to impact its business. SPNEC and Solar Philippines began construction on a 4 GW solar park.
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