Meralco PowerGen (MGen) is purchasing 5.8 billion shares, or 11.6 percent, of SP New Energy from Solar Philippines, owned by businessman Leandro Leviste, for P7.5 billion.
The announcement was made on the Facebook page of Solar Philippines.
Based on the statement, MGen subsidiary MGen Renewable Energy paid P6.7 billion, while the balance of P800 million will be paid once Meralco secures an investor for the Terra Solar project, a 3,500-megawatt solar plant with 4,000 megawatt-hours of battery storage capacity.
SPNEC shares rose 1.57 percent to P1.29 per share on Wednesday while Meralco shares slumped 1.32 percent to P402.80 each. The broader Philippine Stock Exchange Index finished flat at 6,882.12.
MGen's stake in SPNEC stands at 50.5 percent, while Solar Philippines owns 29.4 percent.
