Manila Electric Co. (Meralco) of tycoon Manuel V. Pangilinan has solidified its control of SP New Energy Corp. (SPNEC) with the acquisition of more shares worth P7.5 billion.

Meralco PowerGen Corp. (MGen) has acquired additional 5.8 billion shares, or 11.6 percent of SPNEC, from Solar Philippines Power Project Holdings Inc. founded by businessman Leandro Leviste.

This brings the total investment of MGen and its affiliates in SPNEC to P27.9 billion for 25.3 billion shares, equivalent to 50.5 percent of the solar company.

In a statement, Solar Philippines said that MGen subsidiary MGen Renewable Energy Inc. (MGreen) paid P6.7 billion on Tuesday, with the balance payable upon the entry of another investor in Terra Solar Philippines Inc.

After these transactions, Solar Philippines will continue to own 14.7 billion shares, or 29.4 percent of SPNEC.

The Meralco Group took control of SPNEC last December after acquiring P15.9 billion worth of shares. This was followed by MGreen's purchase of additional 2.17 billion shares in February.

SPNEC, through Terra Solar, is developing a massive solar farm straddling the provinces of Nueva Ecija and Bulacan, which is poised to become the largest of its kind in the world.

It plans to welcome at least one foreign investor within the year to help fund the P200-billion Terra Solar development, with a planned capacity of 3,500 megawatts of solar and 4,000 MW hours of battery storage.

Pangilinan, who leads both Meralco and SPNEC, earlier said that SPNEC was willing to sell as much as 40 percent of Terra Solar to foreign investors, with the company keeping the remaining 60 percent.

SPNEC president and CEO Emmanuel Rubio told The STAR that there would be a period for detailed due diligence and finalization of the shareholders' agreement once the potential investor is selected.

'I still believe we can close this out by the fourth quarter of this year,' he said.

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