Metro Pacific to acquire P2 billion stake in renewable energy firm

March 28, 2023 - 1:14 PM
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Logo of Metro Pacific Investments. (Philstar.com/File)

Philippine infrastructure conglomerate Metro Pacific Investments Corp MPI.PS on Tuesday said it signed a deal to acquire a minority stake in renewable energy firm SP New Energy Corp SPNEC.PS for 2 billion pesos ($36.8 million).

Metro Pacific, a unit of Hong Kong’s First Pacific Co Ltd, was given the option to become the single largest shareholder of SPNEC, the company said in a disclosure.

($1 = 54.30 Philippine pesos)

—Reporting by Neil Jerome MoralesEditing by Ed Davies