Businessman Manuel V. Pangilinan is taking the lead at the SP New Energy Corp., after his company, MGen Renewable Energy, firmed up its P15.9 billion investment in the solar energy firm founded and established by young entrepreneur Leandro Leviste.

SPNEC informed the Philippine Stock Exchange on Wednesday that MGreen has completed its acquisition by paying the remaining balance of P8.9 billion. As a result, MGreen will own 15.7 billion common shares and 19.4 billion preferred shares in SPNEC—representing a total voting interest of 50.5 percent.

Additionally, SPNEC's Board of Directors approved the election of Pangilinan as its Chairman, President, and CEO, and Leandro Leviste as Vice-Chairman.

They also appointed Amanda Roselle A. Bengson as Director, Chief Compliance Officer, and Corporate Secretary; Pedro Emilio O. Roxas as Independent Director; Dominador M. Camu Jr. as Chief Operating Officer; Anthony Matthew N. Co as Assistant Treasurer; and Jo Marianni P. Ocampo as Assistant Corporate Secretary.

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

SPNEC is the developer of a planned 3.5 GW solar and 4.5 GWh battery project centered in Nueva Ecija, which would be the world's largest single contracted solar project. SPNEC is currently majority-owned by Leviste's Solar Philippines.

Before the transaction, Solar Philippines sold 1.6 billion secondary shares of SPNEC for P2 billion to Metro Pacific Investments Corp. and entered into an Option Agreement to sell up to 7.4 billion secondary shares for up to P9.25 billion.

Based on 50.1 billion shares outstanding, this would value SPNEC at P63 billion.

The estimated total investment for the company's planned Nueva Ecija solar project has been pegged at "around Php 200 billion."