Meralco eyes increasing stake in SP New Energy

The possible transaction will still go through a review.

Manila Electric Co. (Meralco) is considering increasing its stake in SP New Energy Corporation (SPNEC), the developer behind the 3.5-gigawatt Terra Solar project, which is set to be the world's largest solar power plant.

This was confirmed by Meralco in a regulatory filing following reports that quoted the company’s chairman and CEO Manuel Pangilinan.

“We would like to confirm the statements attributed to our Chairman and CEO, Mr. Manuel V. Pangilinan on the group’s interest to acquire more shares in SP New Energy Corporation when available,” Meralco said.

In a separate filing, SPNEC also confirmed Pangilinan’s statement, noting that the “prospective purchase will go through the same rigorous review as with any other investment.”

MGreen, the renewable energy unit of Meralco PowerGen Corp. which is a subsidiary of Meralco, currently owns 55.96% of SPNEC after the former increased its stake in February this year.

SPNEC commenced construction of the Terra Solar project in January, aiming to complete the first phase by the first quarter of 2026.