Company well positioned for growth – MVP
MANILA, Philippines — Tycoon Lance Gokongwei has joined the board of Manuel V. Pangilinan-led SP New Energy Corp. (SPNEC), a company that is well positioned for growth with the development of the world’s largest solar project.
Gokongwei, JG Summit president and CEO and a director of Manila Electric Co. (Meralco) since 2013, was appointed as a member of SPNEC’s board of directors during the company’s annual stockholders’ meeting yesterday.
The Gokongwei Group, through JG Summit, acquired ownership in Meralco in 2013 after buying the stake of San Miguel Corp. in the power utility firm, marking its foray into the lucrative power sector.
SPNEC, for its part, was recently acquired by MGen Renewable Energy Inc. (MGreen), a wholly owned subsidiary of Meralco Powergen Corp.
MGreen raised its stake in the company, acquiring 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.5 billion, representing 4.34 percent.
The acquisition further bolstered MGreen and its affiliates’ stake in SPNEC to 55.96 percent from 50.53 percent.
Prior to the change in control, SPNEC was majority owned by Solar Philippines, which is beneficially owned by young entrepreneur Leandro Leviste.
Leviste is the founder of Solar Philippines and currently serves as vice chair of SPNEC.
“Looking ahead, we remain committed to our vision of sustainable growth and innovation. With your continued support and our relentless pursuit of excellence, we’re well positioned to capitalize on emerging opportunities in the renewable energy space,” said Pangilinan, SPNEC chairman, president and CEO.
SPNEC, through subsidiary Terra Solar Philippines Inc., is developing a massive solar farm in Nueva Ecija and Bulacan, which will consist of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage.
It is poised to become the world’s largest solar project once completed.
“Terra Solar stands as our commitment to sustainability and innovation, serving as the company’s flagship project with an investment of P200 billion,” Pangilinan said.
“The first phase of the project is scheduled for completion by the first quarter of 2026, marking a significant milestone in our journey toward a greener future,” he also said.