SPNEC acquires 100% of Terra Solar

Businessman Leandro Leviste’s SP New Energy Corp. (SPNEC) has fully acquired Terra Solar Philippines Inc. for P6 billion to pave the way for what is expected to be the world’s largest solar power project.

In a stock exchange disclosure on Tuesday, SPNEC announced that it had executed a deed of absolute sale to acquire the shares of Prime Infrastructure Capital Inc. (Prime Infra) in Terra Solar.Terra Solar was previously a 50-50 joint venture between SPNEC parent company Solar Philippines Power Project Holdings Inc. and Prime Infra formed for the development of a 3.5-gigawatt (GW) solar and 4-gigawatt-hour battery storage project.SPNEC’s acquisition of Prime Infra’s shares grants it 100-percent ownership of Terra Solar.The capacity of SPNEC’s solar and battery storage project is more than double the combined capacity of the Philippines’ grid-connected solar projects, which have a total of around 1.5 GW.Billionaire Manual Pangilinan’s Manila Electric Co. (Meralco) has also taken much interest in the project.

In November, Meralco renewable energy firm MGen Renewable Energy Inc. (MGreen) took majority control of SPNEC via a P15.9-billion share subscription deal.

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This made MGreen the controlling shareholder of SPNEC with 50.5 percent voting interest.MGreen had said that the fund would be used for the construction and expansion of the SPNEC solar and battery storage project.The Meralco company also plans on spending P200 billion to help develop the solar farm. INQ