Manuel Pangilinan, chairman of Philippine Long Distance Telephone and Philex Mining Corporation, at a press conference in Manila in 2012.
TED ALJIBE/AFP via Getty Images
SP New Energy, a subsidiary of Manila Electric that includes tycoon Manuel Pangilinan-led Metro Pacific Investments and billionaire Lance Gokongwei’s JG Summit among its shareholders, has raised $600 million for integrated solar and energy storage projects.
The investment from Actis, a leading global investor in sustainable infrastructure, is equivalent to a 40% stake in SP New Energy’s wholly-owned Terra Solar project, Solar Philippines said Sunday on its Facebook page. Solar Philippines is the second largest shareholder in SP New Energy, which is controlled by Manila Electric’s Meralco PowerGen (MGen).
“The transaction represents the largest foreign direct investment for a greenfield infrastructure project in the Philippines,” the U.K.-based Actis said…
