MGreen hikes stake in SPNEC

MGen Renewable Energy Inc . (MGreen), a wholly owned subsidiary of Meralco Powergen Corp., has raised its stake in integrated solar developer SP New Energy Corp. (SPNEC).

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MGreen acquired 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.50 billion, representing 4.34 percent.

The acquisition further bolsters MGreen and its affiliates' controlling stake in SPNEC to 55.96 percent from the previous 50.55 percent.

MGreen previously acquired 15.70 billion common shares representing 31.4 percent of SPNEC’s total outstanding common shares for P15.9 billion, as well as 19.40 billion preferred shares, which brought MGreen’s total voting interest in the listed firm to 50.53 percent.

Metro Pacific Investments Corp. (MPIC), an affiliate of MGreen, in May last year made an initial purchase from Solar Philippines of 1.60 billion shares of SPNEC for P2 billion.