Metro Pacific Investments Corp. (MPIC) has acquired a 42.82% stake in Solar Philippines Nueva Ecija Corp. (SPNEC) for PHP 24 billion ($430.6 million).
SPNEC has been listed on the Philippine Stock Exchange since December 2021. MPIC has agreed to buy 19 billion shares in the deal.
“SPNEC and SPH are finalizing an asset swap that will consolidate SPH’s over 8GW project pipeline under SPNEC,” MPIC said in late March when it launched operations. “SPNEC creates value with solar project development. MPIC provides the capital and investment expertise to work in partnership with management teams and key stakeholders to build profitable growth infrastructure leaders.
SPNEC was originally a solar module manufacturer, but has become a large-scale developer of solar projects in recent years. It has built solar parks in several locations in the Philippines.