PANGILINAN-LED Manila Electric Co. (Meralco) is set to take control of renewable energy (RE) firm SP New Energy Corp. (SPNEC) by investing P7.5 billion through the purchase of an additional 5.8 billion shares.
Meralco PowerGen Corp. (MGen), 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. (Solar Philippines).
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