MANILA, Philippines– Tycoon Manuel Pangilinan’s MGen Renewable Energy Incorporated (MGreen) has completed its P15.9-billion buyout in Leandro Leviste’s SP New Energy Corporation (SPNEC), effectively becoming the controlling shareholder with 50.5% voting rights.

In a stock exchange filing on Wednesday, December 27, SPNEC said MGreen has settled its P8.9-billion balance to complete the acquisition of 15.7 billion common shares and 19.4 billion preferred shares. 

With the said deal, Leviste, who founded SPNEC, slides down as vice chairman while Pangilinan assumes the role of chairman, president, and CEO.

SPNEC has also appointed Amanda Bengson as director, chief compliance officer and corporate secretary; Pedro Roxas as independent director; Dominador Camu Jr. as chief operating officer; Anthony Matthew Co as assistant treasurer, and Jo Marianni Ocampo as assistant corporate secretary.

Prior to this deal, SPNEC majority owner Solar Philippines sold 1.6 billion secondary shares for P2 billion to Pangilinan’s Metro Pacific Investments Corporation and an option to sell an additional 7.4 billion shares for up to P9.25 billion. With the current figures, this brings SPNEC’s valuation at P63 billion.

MGreen is the renewable energy development arm of Meralco Powergen Corporation, a subsidiary of the Manila Electric Company. It aims to build a renewable energy capacity of 1,500 megawatts by 2030.

SPNEC is currently building one of the largest single contracted solar project in the world in Nueva Ecija, with its 3.5-gigawatt solar energy farm and a 4.5-gigawatt hour battery project.

“All of us shareholders are extremely fortunate for this opportunity. We are optimistic that becoming the newest member of the MVP Group of Companies will help SPNEC grow even beyond what we have planned, for the benefit of all shareholders and other stakeholders,” Leviste said. –Rappler.com