Image: Lainecedillo, Wikimedia Commons
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.
This content material is protected by copyright and will not be reused. If you need to cooperate with us and need to reuse a few of our content material, please contact: editors@pv-magazine.com.
Popular content material
