Gokongwei, whose family is the single-largest shareholder of Meralco, was elected to the renewable energy firm’s 9-member board during the company’s annual stockholders’ meeting on Friday.
He was joined by Pangilinan-led infrastructure conglomerate Metro Pacific Investments Corp. vice president for business development Ryan Jerome Chua and Lydia Echauz, independent director at Metro Pacific.
SPNEC, founded by businessman and political heir Leandro Leviste, is developing the world’s biggest solar farm via subsidiary Terra Solar Philippines.
The 3,500 Megawatt project will also feature a 4,000 Megawatt-hour battery energy storage system.
Pangilinan, the chair and CEO of SPNEC, had earlier said they were looking to sell up to 40 percent of Terra Solar to two foreign investors.
During the stockholders’ meeting on Friday, SPNEC chief finance officer Rochel Donato R. Gloria said they would tap a combination of equity and debt to support Terra Solar’s expansion, although no final decision has been made.
The first phase of Terra Solar is expected to be operational by 2026.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
