Meralco unit increases stake in PV developer in Philippines

Meralco PowerGen Corp (MGen) has acquired an additional 5. 8 billion shares in SP New Energy Corp. (SPNEC) for PHP 7. 5 billion ($133. 8 million). It now holds a 50. 5% stake in the business. Manila Electric Co. (Meralco) has increased its stake in solar company SP New Energy Corporation (SPNEC), the largest solar energy developer in the Philippines. According to a listing on the Philippines stock exchange, MGen - a wholly owned subsidiary of Meralco - acquired an additional 5. 8 billion shares in SPNEC, equivalent to 11. 6% of the company, from Solar Philippines Power Project Holdings Inc for ...

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