Metro Pacific Investments Corporation (MPIC) has announced its plan to purchase a 42.82% stake in Solar Philippines Power Project Holdings' (SPH) listed unit, SPNEC. The deal, worth PHP 24 billion, will see MPIC acquire 19 billion shares in SPNEC, which has been listed on the Philippine Stock Exchange since December 2021.
The move comes as SPH and SPNEC are finalizing an asset-for-share swap, which will consolidate SPH's pipeline of more than 8 GW of projects under SPNEC. As a large-scale PV project developer, SPNEC has built solar parks in various locations across the Philippines.
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MPIC, on the other hand, brings capital and investment expertise to the table, allowing the company to collaborate with management teams and key stakeholders to build profitable infrastructure leaders. The acquisition is expected to create value through solar project development, enabling MPIC to expand its portfolio in the renewable energy sector.
This deal reflects the growing interest of investors in renewable energy projects, particularly in the Philippines, where the government is pursuing its goal of increasing the share of renewable energy in the country's power mix. With this acquisition, MPIC will strengthen its position in the Philippine energy market, while also contributing to the country's efforts towards sustainable development.
