Manila Electric Co. (Meralco) subsidiary MGen Renewable Energy Inc. (MGreen) will invest P15.9 billion in SP New Energy Corp. (SPNEC) by subscribing to 15.7 billion common shares and 19.4 billion redeemable preferred voting shares . Upon closing, Meralco will own 31.4 percent of SPNEC’s common shares based on the latter’s
The MGreen-SPNEC development plan for 3,500 megawatts of solar and 4,000-megawatt hours of energy storage is seen as the biggest ‘clean energy installation’ not just in Asia, but even of the world. Source: Manila Bulletin
MGen Renewable Energy, Inc. (MGreen), a subsidiary of Meralco Powergen Corporation (MGen), is allocating Php 15.9 billion for an investment in SP New Energy Corporation (SPNEC). This substantial investment contains a subscription of 15.7 billion common shares and 19.4 billion redeemable preferred voting shares within SPNEC. Source: Power Philippines