Fresh from his move to the Pangilinan Group of Companies, energy executive Emmanuel V. Rubio is also set to take over SP Energy Corp. (SPNEC) as president and chief executive officer.
SPNEC notified the stock exchange on Friday that Rubio would take Manuel V. Pangilan's position in leading the company’s renewable energy developments. Pangilan, on the other hand, would remain as chairman.
Rubio would also take on a directorship in SPNEC, replacing Rochel Donato R. Gloria. Meanwhile, Dennis B. Jordan will assume the chief operations officer position following the resignation of Dominador M. Camu Jr.
SPNEC did not disclose the timing of the appointments' effectivity.
Rubio formally assumed the position of president and CEO at Meralco PowerGen Corp. (MGen) last 1 July. He replaced Jaime T. Azurin as a member of the MGen Board of Directors also chaired by Pangilinan.
He left his former company, Aboitiz Power Corp., with a P250 billion market capitalization.
During his tenure, he spearheaded the company's transition to sustainable energy sources, promoting significant growth in renewable energy while maintaining a balanced power generation portfolio.
MGen affiliate MGen Renewable Energy Inc., invested an additional P2.5 billion to increase its shares in SPNEC last February to 55.96 percent from the initial 50.53 percent.
In the stock exchange report, SPNEC said the Board of Directors approved an increase in authorized capital stock in Terra Solar Philippines Inc.
Terra Solar will deliver SPNEC's large-scale solar farm venture consisting of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage in Nueva Ecija and Bulacan provinces.
Early this year, Pangilinan 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.