Leviste-led SP New Energy Corp. or SPNEC has poured in P6 billion to fully acquire the shares of Prime Infrastructure, Inc. in Terra Solar Philippines, Inc. or TSPI to pave the way for its planned establishment of the world's largest solar farm.

SPNEC informed the stock exchange on Tuesday that it already executed a Deed of Absolute Sale to buy out all the shares from Prime Infra.

TSPI was established in 2020 as a joint venture between Solar Philippines and Prime Infra to develop the world's largest solar and battery storage project, with a capacity of 3.5 GW solar and 4 GW-hour battery storage.

Upon completion, the project would surpass the size of India's Bhadla Solar Park and China's Golmud Solar Park, which are currently the world's largest solar farms at over 2.2 GW.

According to the latest figures provided by the Department of Energy, the amount of solar energy produced by the wind farm would exceed the capacity of all grid-connected solar projects operating in the Philippines combined, which is currently at over 1.5 GW.

SPNEC previously disclosed that it has secured over 3000 hectares of land for its projects, most of which have already been converted to industrial use.

SPNEC's developments are supported by the agreement signed between MGen Renewable Energy or MGreen, Solar Philippines, and SPNEC on 12 October 2023 for a P15.9-billion investment.

Upon closing, MGreen will own 15.7 billion common shares and 19.4 billion preferred shares of SPNEC, translating to a total voting interest of 50.5 percent.

MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly-owned subsidiary of the Manila Electric Company or Meralco, the country's largest private-sector electric distribution utility company.

On the other hand, SPNEC is currently majority-owned by Solar Philippines.

"This will be one of the largest solar projects not just in Asia, but in the world. The Department of Energy's vision is to have about 35 percent of the country's energy come from renewable energy, and this is one of Meralco's major contributions to this goal," Meralco chairman and CEO Manuel V. Pangilinan said earlier.