MANILA, Philippines — Veteran energy executive Emmanuel Rubio is taking the driver’s seat in integrated solar developer SP New Energy Corp. (SPNEC), which analysts believe is part of tycoon Manuel V. Pangilinan’s succession plan.
SPNEC, founded by businessman Leandro Leviste, told the Philippine Stock Exchange on Friday that Rubio has been elected as the company’s new president and CEO.
Rubio will succeed Pangilinan, who remains chairman of the solar energy firm’s board of directors.
The effectivity date for Rubio’s new roles is yet to be disclosed.
Manila Electric Co. (Meralco), through MGen Renewable Energy (MGreen), took control of SPNEC in December after acquiring a voting interest of 50.5 percent for P15.9 billion.
In February, MGreen purchased an additional 2.17 billion shares, or 4.34 percent, of SPNEC for P2.5 billion, raising the Meralco Group’s controlling stake to 55.96 percent.
MGreen is the renewable energy arm of Meralco PowerGen Corp. (MGen), which is now under the leadership of Rubio as president and CEO since July 1.
Analysts told The STAR that the latest development at SPNEC reflects MVP’s confidence in Rubio, who held various executive positions at Aboitiz Power Corp. until his retirement last month.
“Well, maybe MVP might be seeking outside expertise since energy, especially, is very technical. He (Pangilinan) can still be involved with the company (SPNEC) in another capacity,” Luis Limlingan of Regina Capital Development Corp. said.
For Juan Paolo Colet of China Bank Capital Corp., Rubio’s election at SPNEC is aligned with “MVP’s succession planning in MGen.”
“It is logical that he is also given the role of CEO as part of his overall leadership at Meralco’s power generation group. With Mr. Rubio in the driver’s seat, we can expect SPNEC to further accelerate its plans to build the country’s largest solar power facility,” he added.