MANILA – Meralco’s renewable energy development arm MGen Renewable Energy (MGreen) has completed its P15.9 billion investment in SP New Energy Corporation (SPNEC).

In a disclosure dated Dec. 27, but which was only posted on the Philippine Stock Exchange website on the 28th, Meralco said MGreen settled its balance payment of nearly P8.9 billion.

In a separate disclosure on Dec. 27, SPNEC said its board of directors elected Manuel V. Pangilinan as its chairman, president and CEO replacing Leandro Leviste.

Leviste, meanwhile, will sit as the firm’s vice chairman, based on the disclosure.

Pangilinan currently also sits as Meralco's chairman and CEO.

The SPNEC board also elected Roselle A. Bengzon as its new director, as well as Pedro Emilio Roxas as independent director.

• Meralco unit to invest P18 billion to grow renewable energy portfolio

Solar Philippines, which owns SPNEC, earlier said the investment would result in MGreen owning SPNEC’s 15,700,000,000 common shares and 19,404,202,552 preferred shares.

SPNEC builds solar farms in Central Luzon. According to its website, it is currently developing a 500-megawatt peak solar power plant in Barangay Las Piñas, Sinasajan, and Peñaranda, Nueva Ecija.

• Metro Pacific says to acquire shares in SPNEC for P2-B

Meanwhile, MGreen currently has a renewable energy portfolio that includes the 55MWac BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corp, the 68 MWac solar farm in Currimao, Ilocos Norte with Vena Energy's Pasuquin Energy Holdings Inc and the PH Renewables Inc's (PHRI) 75 MWac solar farm in Baras, Rizal with Mitsui & Co.'s Mit-Renewables Power Corp.

SPNEC's shares closed at 1.25 on Wednesday, higher by 11.61 percent from Dec. 22’s 1.12 percent, data from the PSE showed.

Meralco is currently holding a bidding for the supply of 1,800 megawatts.

Watch more News on iWantTFC