Manila Electric Co. (Meralco) elevated its stake in photo voltaic firm SP New Energy Corporation (SPNEC), the most important photo voltaic vitality developer within the Philippines.
According to a Philippine inventory alternate itemizing, MGen – a completely owned subsidiary of Meralco – acquired a further 5.8 billion SPNEC shares, equal to 11.6% of the corporate, from Solar Philippines Power Project Holdings Inc. for a complete of PHP 7.5 billion.
The deal brings the full funding of MGen and its associates to PHP 27.9 billion for 25.3 billion shares, equal to 50.5% of SPNEC. Solar Philippines will proceed to carry 14.7 billion shares, equal to 29.4% of the corporate.
In the itemizing, SPNEC mentioned it doesn’t count on the transaction to have a fabric influence on its enterprise and operations.
At the start of this 12 months, SPNEC and Solar Philippines broke floor on a 4 GW photo voltaic park acknowledged as the most important photo voltaic array on the earth.
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