Meralco increases stake in SP New Energy for $133.32m

This involves 5.

This involves 5.8 billion shares.

Manila Electric Co. (Meralco) is beefing up its stake in SP New Energy Corp. (SPNEC) with the acquisition of more shares for $133.32m (PHP7.5b).

In a regulatory filing, Meralco said its MGen Renewable Energy, Inc. (MGreen), a wholly-owned subsidiary of Meralco PowerGen Corporation, entered into an exchangeable note facility and security agreement with Solar Philippines Power Project Holdings, Inc. Under this agreement, MGreen extended a one year loan of $119.04m (PHP6.7b) exchangeable into 5.8 billion SPNEC shares at maturity.

The balance will be settled upon the entry of a new investor in SPNEC subsidiary Terra Solar Philippines Inc., according to reports.

Meralco does not expect this transaction to have a material impact on its business and operations.

The company earlier confirmed that it is planning to increase its stake in SPNEC, the developer behind the 3.5-gigawatt Terra Solar project, which is set to be the world's largest solar power plant.

$1 = PHP56.29

Meralco

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