MPIC has agreed to purchase a 42.82% stake in SPNEC, the listed unit of Manila-based PV module producer and challenge developer Photo voltaic Philippines Energy Venture Holdings (SPH), for PHP 24 billion.
SPNEC has been listed on the Philippine Inventory Change since December 2021. MPIC agreed to purchase 19 billion shares within the transaction.
“SPNEC and SPH are within the technique of finishing an asset-for-share swap the place SPH’s pipeline of over 8 GW of tasks might be merged beneath SPNEC,” MPIC stated in late March, when it launched the operation. “SPNEC creates worth via photo voltaic challenge improvement. MPIC contributes capital and funding experience to companion with administration groups and key stakeholders to construct worthwhile rising infrastructure leaders.
SPNEC was initially a photo voltaic module producer however has turn into a big PV challenge developer in recent times. It has constructed photo voltaic parks in lots of areas all through the Philippines.
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