MVP, Leviste partner anew for solar project

MANILA, Philippines — Tycoon Manuel V. Pangilinan and businessman Leandro Leviste are looking to develop another solar project as a follow-up to their P200-billion Terra Solar development, which is poised to become the world’s largest integrated solar and battery storage facility.

Pangilinan said while nothing has been finalized yet, Terra Solar 2 could potentially be located in South Luzon, particularly in Batangas.

“We’re talking to Lean (Leviste). He said they have property there already,” he said.

Pangilinan said while Terra Solar 2 may not be as large as the ongoing Terra Solar development, it will also span several thousand hectares.

The Terra Solar project, which broke ground in November last year, spans 3,500 hectares across Nueva Ecija and Bulacan.

The project, being undertaken by SP New Energy Corp. (SPNEC) through Terra Solar Philippines Inc., will deliver 3,500 megawatts-peak of solar power to the Luzon grid with 4,500 megawatt-hour battery energy storage.

The project will be completed in phases, with the first phase done by 2026 and the second phase by 2027.

Pangilinan said the planned Terra Solar 2 project would still be under SPNEC, which will be renamed MGen Renewable Energy Inc. (MGreen) as part of a potential backdoor listing of the renewable energy subsidiary of Meralco PowerGen Corp. (MGen).

“Because then we will inject our existing solar projects, operating and non-operating,” he said.

Pangilinan said his group would also be looking to further increase its stake in SPNEC.

“I think we can do it this year, probably,” he said.

In September last year, MGen acquired an additional 5.8 billion shares or 11.6 percent of SPNEC, bringing the total investment of the company and its affiliates in SPNEC to P27.9 billion for 25.3 billion shares, equivalent to 50.5 percent of the solar company.

SPNEC last Friday said its parent, MGen, is evaluating the potential of an initial public offering of MGreen, which may include the possibility of injecting assets to SPNEC.

MGen, on its end, said its board has approved the engagement of professional advisors to assist in assessing the feasibility and structure of such a transaction.