MANILA — Metro Pacific Investment Corp said on Tuesday it would acquire shares in SP New Energy Corp (SPNEC) worth P2 billion.
In a disclosure to the stock exchange, MPIC said it would acquire a total of 1.6 billion common shares of SPNEC from its parent Solar Philippines Power Project Holdings Inc.
MPIC will also be given the option to become the single largest shareholder of SPNEC, it said.
SPNEC develops, owns and operates solar power projects, and is listed in the Philippine Stock Exchange.
"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," MPIC Chairman and President Manny Pangilinan said.
Solar Philippines will use the proceeds from the transaction to fund its investments in Nueva Ecija, where the company is developing what could be Asia's largest solar project, MPIC said.