MPIC has agreed to buy a 42.82% stake in SPNEC, the listed unit of Manila-based PV module manufacturer and project developer Solar Philippines Power Project Holdings (SPH), for PHP 24 billion.
SPNEC has been listed on the Philippine Stock Exchange since December 2021. MPIC has agreed to buy 19 billion shares in the transaction.
“SPNEC and SPH are in the process of completing an asset-for-share swap where SPH’s pipeline of over 8 GW of projects will be consolidated under SPNEC,” MPIC said in late March, when it launched the operation. “SPNEC creates value through solar project development. MPIC contributes capital and investment expertise to work collaboratively with management teams and key stakeholders to build profitably growing infrastructure leaders.”
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SPNEC was originally a solar module manufacturer but it has become a large-scale PV project developer in recent years. It has built solar parks in several locations across the Philippines.
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