A deep-pocketed investor with entrenched ties to the country’s energy sector is poised to muscle into the National Grid Corporation of the Philippines (NGCP). The entry is set to be sealed through the acquisition of a substantial block of shares in Synergy Grid & Development Philippines Inc. (SGP), the listed holding firm of the grid operator, a highly placed source privy to the matter exclusively hinted to Manila Bulletin.

“A realignment of shareholdings among the existing equity owners is underway, and that will pave the way for the new investor to corner a commanding stake in SGP,” the source stressed.

The industry insider further indicated that “the stake divestment being weighed for the new investor’s entry could reach as much as 30 percent of SGP’s outstanding shares,” although it was not specified if this would cover only preferred shares.

The source kept the identity of the buyer tightly under wraps but dropped a clue: the investor is a well-connected “Energy Resource” (ER) and has links to the scion of one of the country’s long-established oligarchic families who has held top posts in several corporations, including a key leadership role in a giant energy company.

“The buyer may not be acting alone and could have a partner in the deal. Based on the latest information we gathered, the transaction is being structured and sealed through agreements executed overseas, so there could be a foreign entity involved in the transaction,” the source conveyed.

When asked whether any current NGCP or SGP shareholders would be exiting, the source qualified that “it is largely a realignment of shareholdings in SGP, though it remains to be seen which owners will trim their stakes or divest altogether.”

Earlier reports emphasized that the 20 percent stake acquisition by the state-managed Maharlika Investment Corp. (MIC) has yet to be finalized with existing SGP shareholders. Sources indicated that additional documentation is still reportedly being processed to close the transaction.

The ₱19.7-billion deal, signed and announced by President Marcos in January last year, was slated to close within 180 days; however, it has already missed both its mid-year and year-end 2025 targets.

During the process of finalizing that transaction, it was repeatedly signaled that a new investor would be stepping in to acquire shares in NGCP’s holding company. Part of that acquisition could involve the SGP stake first eyed by MIC, although no formal pronouncements have been made by any parties so far.

The current major equity holders in SGP are business magnates Henry Sy Jr. and Robert Coyiuto Jr., with portions held under PCD Nominee Corporation—including nominees representing non-Filipino beneficial owners—while the remainder is distributed among smaller institutional and corporate shareholders.

For now, the fate of NGCP’s concession arrangement, which lapses in 2034, hangs in the balance. There is no certainty yet regarding the renewal of the 25-year deal, even though the franchise to run the country’s transmission assets legally spans 50 years.

Previously, MIC hinted that if its transaction with SGP is finally firmed up, it is willing to support the proposed renewal of the concession agreement.

Given the colossal investments NGCP has funneled into the reinforcement of the country’s power transmission and system operation services, the Electric Power Industry Reform Act (EPIRA) ensures the company can recoup these prudently incurred costs, even if its concession deal clock ticks down to zero.

The buildout of transmission projects supports not only conventional power plant developments but also the giga-scale rollout of renewable energy facilities across the country.