MPIC to Invest in SPNEC

Towards Building the Largest RE Company in the PH

MPIC Chairman, President, & CEO Manuel V. Pangilinan (left) signs the definitive agreement to invest P2.0B to acquire 1.6 billion common shares of SP New Energy Corporation under its parents Solar Philippines Power Project Holdings Inc., with President and CEO Leandro Leviste (right).

Metro Manila, Philippines, 28 March 2023 – Metro Pacific Investments Corporation (“MPIC”), the country’s leading infrastructure investments company, has entered into a definitive agreement to invest 2.0 billion Pesos to acquire 1.6 billion common shares of SP New Energy Corporation (“SPNEC” or the “Company”) from SPNEC’s parent Solar Philippines Power Project Holdings, Inc. (“SPH”), with MPIC to be given the option to become the single largest shareholder of SPNEC. SPNEC is an integrated developer, owner, and operator of solar power projects listed in the Philippine Stock Exchange.

MPIC, represented by its Chairman and President Manuel V. Pangilinan, and SPH, represented by its President and CEO Leandro Leviste, signed the agreement for the purchase of secondary shares of SPNEC. SPH will advance the proceeds to SPNEC to fund its land investments in Nueva Ecija, where the Company is developing what could be Asia’s largest solar project.

This is the first of several agreements through which the MPIC Group may acquire up to a total of about 19 billion common shares of SPNEC, subject to relevant approvals, with the goal of making SPNEC the largest renewable energy company in the Philippines.

“Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments,” says Pangilinan. 

Upon the Closing of the transaction, Mr. Pangilinan will become Chairman of the Board of SPNEC.


MPIC’s Renewable Energy Thrust

MPIC’s investment into SPNEC is guided by the vision of the Department of Energy (“DOE”) that 35% of the country’s energy come from renewable energy by 2030. SPNEC and SPH are in the process of completing an asset-for-share swap where SPH’s pipeline of over 8 GW of projects will be consolidated under SPNEC. This would increase SPNEC’s outstanding shares from 10.0 billion to over 34.3 billion out of an authorized capital stock of 50.0 billion common shares, after which, the MPIC Group may acquire up to 43% of the total outstanding shares of SPNEC. This would position MPIC to be a leading contributor to the country’s renewable energy goals, and is also a corollary to MPIC’s investments in biodiversity protection to help mitigate the devastating impacts of climate change. 

SPNEC creates value through solar project development. MPIC contributes capital and investment expertise to work collaboratively with management teams and key stakeholders to build profitably growing infrastructure leaders.  

“We have long seen a partnership with MPIC to be the key to unlock the potential of our project pipeline. We are humbled and grateful for this opportunity, and believe that SPNEC now has the final ingredients to realize the value of our developments for the benefit of all stakeholders,” said Leviste.  

This transaction affirms MPIC’s resolve to be the largest catalyst for a Sustainable Philippines. It is also aligned with the group’s efforts to contribute to the United Nations Sustainable Development Goals (UN SDGs), particularly Goal 7 Affordable and Clean Energy, which aims to ensure access to affordable, reliable, sustainable and modern energy for all.  

UBS acted as the financial advisor on the transaction.


About MPIC

MPIC is a leading Philippine company with investments in power, toll roads, water, transportation, healthcare and real estate. 

The Company seeks to create long-term value for all its stakeholders through responsible and sustainable investments that contribute to national progress and improve the quality of life in the communities it serves.

MPIC and its group of companies are making a difference in the lives of millions of Filipinos, powering commerce and households, connecting people and places, delivering clean and safe water, and making world-class healthcare available to all.


For further information, please contact:

Metro Pacific Investments Corporation

Ryan Jerome T. Chua

Melody M. Del Rosario


VP-Business Development, Metro Pacific Investment, Corp. 

Vice President, Public Relations and Corporate Communications

+632 888 0888




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