Infrastructure investments company Metro Pacific Investments Corporation (MPIC) recently entered into an agreement to invest 2.0 billion Pesos to acquire 1.6 billion common shares of SP New Energy Corporation (SPNEC) from SPNEC’s parent Solar Philippines Power Project Holdings, Inc. (SPH), with MPIC to be given the option to become the single largest shareholder of SPNEC. SPNEC is an integrated developer, owner, and operator of solar power projects listed in the Philippine Stock Exchange. MPIC, represented by its Chairman and President Manuel V. Pangilinan, and SPH, represented by its President and CEO Leandro Leviste, signed the agreement. SPH will advance the proceeds to SPNEC to fund its land investments in Nueva Ecija, where the company is developing what could be Asia’s largest solar project. “Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments,” says Pangilinan. The transaction affirms MPIC’s resolve to be the largest catalyst for a Sustainable Philippines. It is also aligned with the group’s efforts to contribute to the United Nations Sustainable Development Goals , particularly access to affordable, sustainable and modern energy.
