MPIC aims to power up largest solar farm in Asia

Metro Pacific Investments Corp. (MPIC), one of the Philippines' leading infrastructure conglomerates, has recently announced its significant investment in the Leviste family's renewable energy (RE) firm, SP New Energy Corp. (SPNEC). With this strategic move, MPIC aims to help SPNEC achieve its goal of becoming the largest RE company in the country.

In its disclosure to the Philippine Stock Exchange on Tuesday, MPIC revealed that it has acquired 1.6 billion common shares, equivalent to 16% equity shares, in SPNEC from Solar Philippines Power Project Holdings, the parent company of SPNEC. The acquisition of shares amounts to PHP 2 billion, which will primarily fund SPNEC's land investments in Nueva Ecija, where the company is building Asia's largest solar farm.

MPIC's investment in SPNEC is in line with the Philippine government's goal of increasing the share of renewable energy in the country's energy mix to 35% by 2023 from the current 22%. MPIC's Chairman and President, Manny V. Pangilinan, believes that investing in renewable energy is crucial for the company to fulfill its mission of creating long-term value for its stakeholders through responsible and sustainable investments.

Pangilinan, who will also become the Chairman of the Board of SPNEC after the acquisition transaction, expressed his optimism about the investment. He sees it as a significant step for MPIC in pursuing renewable energy and becoming a leading contributor to the country's renewable energy goals. MPIC was even given the option to become the single largest shareholder in SPNEC, which would further cement its position in the renewable energy sector.

SPNEC President and CEO Leandro Leviste is also thrilled about the partnership with MPIC. Leviste believes that the collaboration with MPIC will unlock the full potential of their project pipeline.

"We are humbled and grateful for this opportunity, and believe that SPNEC now has the final ingredients to realize the value of our developments for the benefit of all stakeholders," Leviste said.

MPIC's expertise in infrastructure, particularly in energy and utilities, makes it an ideal partner for SPNEC. The company's vast resources and network can undoubtedly help SPNEC in the rollout of its renewable energy projects.