By Sheldeen Joy Talavera, Reporter
SP New Energy Corp. (SPNEC) said around five foreign investors are keen on investing in Terra Solar Philippines, Inc., which is building a P200-billion solar project.
“About five have expressed interest,” SPNEC President and Chief Executive Officer Manuel V. Pangilinan told reporters on Tuesday.
“They’re now talking to several foreign investors. Nothing definite yet,” he added.
He said that SPNEC can sell up to 40% to foreign investors, but it will only accept two investors, each with a 20% stake.
Asked about the valuation, he said that there are already indicative numbers, “but it’s too early to tell anybody.”
Sought for comment, Juan Paolo E. Colet, managing director at China Bank Capital Corp., said that having a high-quality foreign partner can significantly contribute “to ensuring the success of Terra Solar and its massive energy project.”
“A well-established investor that brings a combination of financial resources and technical expertise would be the best fit for the company,” he said in a Viber message.
The company is seeking investors for Terra Solar to secure additional financing for the solar power project, which is estimated to require P200 billion.
SPNEC took full control of Terra Solar after acquiring the entire stake of Prime Infrastructure Holdings, Inc., or Prime Infra, last year for P6 billion.
Established in 2020, Terra Solar was a 50-50 joint venture between Prime Infra and Solar Philippines Power Project Holdings, Inc., the parent firm of SPNEC.
The Terra Solar project in Nueva Ecija and Bulacan consists of a 3,500-megawatt solar power plant and a 4,000-megawatt hour energy storage system. It is expected to generate more than five billion kilowatt-hours of electricity per year.
The first phase of the project is scheduled to be delivered by the first quarter of 2026.
SPNEC is now controlled by the Pangilinan group, through MGen Renewable Energy, Inc., the renewable energy development arm of Meralco PowerGen Corp., a wholly owned subsidiary of Manila Electric Co. (Meralco).
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.
