P7.5-B investment gives Meralco control of SPNEC

PANGILINAN-LED Manila Electric Co. is set to take control of renewable energy firm SP New Energy Corp. by investing P7.5 billion through the purchase of an additional 5.8 billion shares.Meralco PowerGen Corp. , a wholly owned subsidiary of Meralco, is acquiring a further 11.6-percent stake in SPNEC, with the proceeds to be paid to Leandro Leviste's Solar Philippines Power Project Holdings Inc. .MGen Renewable Energy Inc., MGen's wholly owned subsidiary, paid Solar Philippines P6.

Meralco previously acquired redeemable preferred shares in SPNEC that gave it majority voting power but no additional economic interest.Manuel Pangilinan, concurrent chairman of Meralco, MGen and SPNEC, said last month that he was willing to hike MGen's stake in SPNEC if the latter was amenable to such a deal.'Why not? It's a good project,' he said.

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