SP New Energy Corp. (SPNEC) said its parent Solar Philippines Power Project Holdings Inc. and Enrique K. Razon Jr.’s Prime Infra have entered into various agreements to amend some of the details of their various joint ventures. Know more:
SP New Energy Corp. said its parent Solar Philippines Power Project Holdings Inc. and Enrique K. Razon Jr.’s Prime Infrastructure Inc. have entered into various agreements to amend some of the details of their various joint ventures.
On this basis, Solar Philippines and Prime Infra will continue their 50-50 joint venture in Terra Solar, which has signed a 850 MWac mid-merit power supply agreement with distributor Manila Electric Co. It has a scheduled delivery date by the first quarter of 2026, and plans to break ground within the year.
“Proceeds of this sale going to SPNEC after its share swap subject to regulatory approval,” SPNEC said. Meanwhile, in Solar Philippines Tarlac Corp., the parties agreed that either Solar Tarlac or Solar Philippines will redeem or purchase Prime Infra’s preferred shares for P1.5 billion plus accrued dividends in Solar Tarlac by or before March 31. This would result in Solar Philippines owning 100 percent of Solar Tarlac.
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