Metro Pacific Investments Corporation (MPIC) has acquired a 16 per cent stake in Philippines-based SP New Energy Corporation (SPNEC), a renewable energy company. The company will initially invest PHP2 billion to acquire 1.6 billion common shares Solar Philippines Power Project Holdings.
MPCI has also been offered the option to acquire the 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. The move will also support the Government of the Philippines’ aim of increasing the share of RE in the country’s total power mix by 13 per cent during 2023.