Rubio also takes helm of SPNEC as president and CEO

Emmanuel Rubio continues his influence in the power sector, this time taking the reins of Pangilinan-led SP New Energy Corporation (SPNEC).

In a disclosure Friday, SPNEC said Rubio would serve as the company’s new president and chief executive after billionaire Manuel V. Pangilinan vacated the post for “personal reasons.”

Pangilinan, however, continues to hold the chairmanship position.

This development came just two weeks after the energy veteran assumed the top position in Meralco PowerGen Corp. (MGen), the power generation unit of Manila Electric Co. (Meralco). Rubio served as president of Aboitiz Power from January 2020 to June 30, 2024, successfully leaving the company with a market cap of P250 billion.

The MVP Group took over the majority share in SPNEC late last year after Meralco injected P15.9 billion into the company in a bid to beef up the group’s renewable energy portfolio. This allowed it to corner 50.5 percent voting interest in SPNEC, which further increased to 55.96 percent in February.

SPNEC now serves as MGen’s listed renewable energy vehicle.

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The filing likewise bared SPNEC’s subscription of new shares totaling 1.05 billion in Terra Solar Philippines, Inc., increasing its authorized capital stock in preparation for the latter’s projects.

SPNEC, which bought Terra Solar for P6 billion from Prime Infrastructure Inc. in December 2023, is committed to developing a solar facility, designed to be the biggest yet in the global market.

In March, the solar power firm said it was looking to dispose a 40-percent share in Terra Solar to entice investors and eventually jack up the group’s financial muscle. Pangilinan said at that time that Terra Solar’s massive project would require a capital of P200 billion.