Meralco hikes stake in solar energy firm

MANILA Electric Co. (Meralco), through subsidiary MGreen Renewable Energy Inc. (MGreen), has infused an additional P2.5 billion in SP New Energy Corp. (SPNEC), further consolidating its control of the solar energy firm.

SPNEC told the stock exchange last week that MGreen — the renewable energy development arm of Meralco Powergen Corp., a wholly owned subsidiary of Meralco — had acquired around 2.17 billion common shares, or 4.34 percent of SPNEC, from Solar Project Holdings Inc. at a price of P1.15 each.