Manuel Pangilinan reaches for the stars with massive solar project
Power distribution giant Manila Electric Co. (Meralco) is open to raising its stake in SP New Energy Corporation (SPNEC) as it pursues a massive solar project that could put the Philippines on the map—and make for a great perspective from the moon.
“Yeah, sure. If it’s open, why not?” Meralco chair and CEO Manuel V. Pangilinan told reporters when asked about the possibility of Meralco acquiring more SPNEC shares.
It was in late 2023 when the MVP Group took control of the solar firm after Meralco injected P15.9 billion into the company as the group sought to bolster its renewable energy portfolio. The initial transaction allowed them to secure a 50.5 percent voting interest in SPNEC.
Flash forward to February, Meralco decided to hike its stake in SPNEC to 55.96 percent.
Following these moves, SPNEC now serves as the renewable energy vehicle of Meralco PowerGen Corp. (MGen), the power generation unit of Meralco.
Pangilinan said SPNEC is a “good project” as it owns Terra Solar.
“It’s the largest single-site solar facility in the world, and the Philippines should be proud of that. It’s a very complex [and] huge undertaking,” he said.
“And I believe that once the entire 3,500 [megawatts, or MW] on 4,000 hectares are built, if we send you to outer space, you can take a photo of that facility from outer space,” the tycoon added.
Green lane
SPNEC president and chief executive Emmanuel Rubio said in July that the massive development in Nueva Ecija and Bulacan had a completion rate of 54 percent. Construction works would be done in two phases. The first phase, with a target capacity of 2,500 MW, is expected to be finished by 2026. The second phase with a capacity of 1,000 MW is eyed for completion by 2027.
Last week, the Board of Investments granted a green lane certificate for Terra Solar, allowing SPNEC to expedite the paper works.
Pangilinan also said last month that the group was willing to bring in foreign investors to help fund the project. SPNEC is expected to pick up to two investors within the year.
