ADVERTISEMENT
Manila Bulletin devider Business devider MVP takes SPNEC's helm after Meralco's majority buyout

MVP takes SPNEC's helm after Meralco's majority buyout

Published Dec 27, 2023 06:44 am

At A Glance

  • Manuel V. Pangilinan takes control of SP New Energy Corp. (SPNEC) after Manila Electric Co.'s (Meralco) investment.<br>MGen Renewable Energy Inc. (MGreen) makes final payment of P8.89 billion to SPNEC.<br>Payment is part of P15.9 billion subscription agreement, including 15.7B common shares and 19.4B preferred shares<br>SPNEC received an initial payment of P7 billion from MGreen on Nov. 30<br>Pangilinan now holds 50.5% overall voting interest in SPNEC<br>Pangilinan, Amanda Roselle A. Bengzon, and Pedro Emilio O. Roxas elected as new directors of SPNEC<br>Pangilinan appointed as chairman, president, and CEO; Leandro Antonio L. Leviste named Vice-Chairman<br>Bengson takes on roles of chief compliance officer and corporate secretary; Dominador M. Camu, Jr. appointed as chief operating officer; Anthony Matthew N. Co as assistant treasurer; Jo Marianni P. Ocampo as assistant corporate secretary

Tycoon Manuel V. Pangilinan has assumed the leadership of SP New Energy Corp. (SPNEC) following the completion of Manila Electric Co.'s (Meralco) investment in the renewable energy firm.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Dec. 27, SPNEC has announced that MGen Renewable Energy Inc. (MGreen), a subsidiary of the Pangilinan-led power distributor, has made a final payment of P8.89 billion. 

This payment forms a part of MGreen’s P15.9 billion subscription agreement with SPNEC, encompassing 15.7 billion common shares and 19.4 billion preferred shares of the renewable energy company. 

On Nov. 30, SPNEC received an initial payment of P7 billion from MGreen.

As a result of the transaction, Pangilinan now commands an overall voting interest of 50.5 percent in SPNEC.

In the same PSE disclosure, SPNEC announced the election of Pangilinan and Amanda Roselle A. Bengzon as new directors of the company, and Pedro Emilio O. Roxas as an independent director, effective from Dec. 27, 2023.

SPNEC also disclosed the appointment of Pangilinan as chairman, president, and chief executive officer, with Leandro Antonio L. Leviste named as Vice-Chairman. 

Additionally, Bengson has taken on the roles of chief compliance officer and corporate secretary, while Dominador M. Camu, Jr. has been appointed as chief operating officer, Anthony Matthew N. Co as assistant treasurer, and Jo Marianni P. Ocampo as assistant corporate secretary.

MGreen is the renewable energy development wing of Meralco Powergen Corp., a wholly-owned subsidiary of Meralco. Previously, SPNEC was majority-owned by Solar Philippines Power Project Holdings Inc., founded by Leviste.

SPNEC has applied for an increase in authorized capital stock to facilitate MGreen's infusion of fresh capital, which will be utilized to finance the construction and expansion of its solar projects.

Specifically, the company plans to develop 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery energy storage systems in Luzon.

“This will be one of the largest solar projects not just in Asia, but in the world. The Department of Energy’s vision is to have about 35 percent of the country’s energy come from renewable energy, and this is one of Meralco’s major contributions to this goal,” Pangilinan said.

Leviste had said the new investment of MGreen will synergize his company’s project development potential with that of Meralco to bring the targeted RE installations to commercial fruition.

“We look forward to bring together Meralco’s capabilities and our solar developments for the benefit of all stakeholders,” he stressed.

Related Tags

Manuel V. Pangilinan SP New Energy Corporation Manila Electric Co. (Meralco)
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.