Meralco’s Pangilinan takes over SPNEC
MANUEL V. Pangilinan, chairman and chief executive officer (CEO) of Manila Electric Co. (Meralco), has taken over the Leviste-led SP New Energy Corp. (SPNEC) after the completion of a P15.9-billion investment.
In a regulatory filing on Wednesday, SPNEC said that MGEN Renewable Energy, Inc. (MGreen) had given the balance payment of about P8.89 billion to complete the acquisition.
Following the transaction, 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%.
MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly owned subsidiary of Meralco.
Also on Wednesday, SPNEC said that its board of directors approved the appointment of Mr. Pangilinan as chairman, president, and chief executive of SPNEC, and Leandro Antonio L. Leviste as vice-chairman.
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.
“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,” Mr. Leviste said.
Earlier, Solar Philippines Power Project Holdings, Inc. sold 1.6 billion shares of its secondary shares to Mr. Pangilinan’s Metro Pacific Investment Corp. for P2 billion.
The two entities signed a deal 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.
In October, MGreen signed an investment agreement with SPNEC and Solar Philippines to develop a solar and battery energy storage systems project.
Under the agreement, SPNEC will serve as the primary vehicle to develop 3,500 megawatts (MW) of solar panels and 4,000 MW of battery energy storage systems in Luzon.
Meralco has estimated the project cost of the solar projects that the parties intend to pursue to reach P200 billion.
“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,” Mr. Pangilinan said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
