NextGen Day

The Leviste family’s renewable energy (RE) company, SP New Energy Corp. (SPNEC), is receiving funding from Manny V. Pangilinan’s Metro Pacific Investments Corp. (MPIC), with the goal of making it the largest RE business in the nation.

The parent company of SPNEC, Solar Philippines Power Project Holdings, sold 1.6 billion common shares, or 16 percent equity shares, to MPIC, according to a statement made to the Philippine Stock Exchange on Tuesday.

The purchase of shares costs PHP2 billion, and the money will be used to finance SPNEC’s land purchases in Nueva Ecija, where the company is constructing the biggest solar farm in Asia.

The MPIC claimed that the Department of Energy’s objective to raise RE’s portion of the energy mix from its current 22 percent to 35 percent in 2023 served as the basis for its investments in SPNEC.

The MVP Group is one step closer to achieving its goal of building long-term value for its stakeholders through responsible and sustainable investments thanks to its shift toward renewable energy, according to Pangilinan.

After the takeover deal, Pangilinan, the CEO, and president of MPIC will also assume the role of SPNEC’s board chairman.

The MPIC claimed that the firm had the choice to take over as SPNEC’s single largest shareholder.

In addition, it is a corollary to MPIC’s efforts in biodiversity protection to help alleviate the destructive effects of climate change. “This would position MPIC to be a leading contributor to the country’s renewable energy goals,” it said.

Leandro Leviste, president and CEO of SPNEC, added that having MPIC on board would aid the business in implementing its RE initiatives.

“We have long believed that collaboration with MPIC will be essential to realizing the full potential of our project pipeline. We are grateful and humbled by the chance we have been given, and we think SPNEC now has the necessary components to achieve the full potential of our developments for the good of all parties involved,” Leviste added.

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