MVP not closing door on SPNEC stake hike

Tycoon Manuel V. Pangilinan is open to increasing his investments in SP New Energy Corp. (SPNEC), a renewable energy company founded by young businessman Leandro Leviste.

In an interview, Pangilinan described SPNEC’s development of the largest solar facility in the world as a “good project,” suggesting that acquiring more stakes in the company could lead to good returns on investment.

“If it’s open, why not? It’s a good project. It owns 100 percent of Terra Solar (Terra Solar Philippines Inc.) for now. It’s the largest single-site solar facility in the world, and the Philippines should be proud of that. It’s a very complex (and) huge undertaking,” Pangilinan said.

“I believe that once the entire 3,500 [MW] on 4,000 hectares are built if we send you to outer space, you can take a photo of that facility from outer space,” he added.

‘If it’s open, why not? It’s a good project. It owns 100 percent of Terra Solar (Terra Solar Philippines Inc.) for now. It’s the largest single-site solar facility in the world, and the Philippines should be proud of that. It’s a very complex (and) huge undertaking.’

Terra Solar will deliver SPNEC’s large-scale solar farm venture consisting of 3500 megawatts of solar panels and 4,000 megawatt-hours of battery storage in Nueva Ecija and Bulacan provinces — touted as the world’s largest solar farm.

P200-B solar project

SPNEC, through Terra Solar,broke ground for the massive P200-billion solar project in January.

The first phase of the project is scheduled to be delivered by the first quarter of 2026.

Early this year, Pangilinan also said SPNEC intends to complete the sale of up to 40 percent of Terra Solar to potential investors to raise funds for the solar farm development.

It can be recalled that Pangilinan recently appointed Emmanuel V. Rubio as SPNEC president and chief executive officer (CEO).

Rubio took over his position in leading the company’s renewable energy developments. Pangilan, on the other hand, remains as chairman.

Rubio is the new president and CEO at Meralco PowerGen Corp. (MGen) effective last 1 July. He replaced Jaime T. Azurin as a member of the MGen Board of Directors also chaired by Pangilinan.

MGen affiliate MGen Renewable Energy Inc. owns 55.96 percent of SPNEC.