Roxas resigns as SPNEC independent director

MANILA, Philippines — Businessman Pedro Roxas, chairman of listed firms Roxas Holdings Inc. and Roxas & Co. Inc., has stepped down from his role as independent director of Manuel V. Pangilinan-led SP New Energy Corp. (SPNEC).

In a stock exchange filing, SPNEC said its board of directors has accepted the resignation of Roxas as the company’s independent director.

Roxas’ resignation was due to “personal reasons.”

He was appointed as independent director of SPNEC in December last year, following the election of Pangilinan as the company’s new chairman, president and CEO.

SPNEC was recently acquired by Pangilinan-led MGen Renewable Energy Inc. (MGreen), a wholly owned subsidiary of Meralco Powergen Corp.

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.

Through subsidiary Terra Solar Philippines Inc., SPNEC 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.

Once completed, the project is poised to become the world’s largest solar project.