“Indonesia’s Metro Pacific Investments Invests US$427M in Solar Energy Company SP New Energy”

Jakarta –

Metro Pacific Investments will invest 23.8 billion pesos or US$ 427 million, or IDR 6.27 trillion (exchange rate of IDR 14,700/US$ 1) in a solar energy company, SP New Energy. Metro Pacific Investments is a business unit owned by one of the richest people in Indonesia, Anthoni Salim in the Philippines.

Quoted from Forbes, Thursday (11/5/2023), Metro Pacific Investments has completed the acquisition of 1.6 billion shares for 2 billion pesos, or around 16% of SP New Energy’s shares.

The transaction was first announced in March. For information, Metro Pacific Investments has an investment portfolio in the fields of energy, water and toll roads in the Philippines. Metro Pacific is a subsidiary of First Pacific, which is Anthoni Salim’s company.

Metro Pacific signed an option to purchase up to 10 billion common shares, and a total of 7.4 billion secondary shares at 1.25 pesos each. Once the process is fully completed, Metro Pacific will become SP New Energy’s largest shareholder with nearly 43% ownership.

Led by its chairman Leandro Leviste, a Forbes Asia 30 Under 30 alum, SP New Energy parent Solar Philippines plans to build 10 gigawatts of solar power across the country by 2025.

In addition to Metro Pacific, the company has also partnered with Philippine port and casino boss Enrique Razon’s Prime Infrastructure. The company is also working with ACEN Ayala Corp to work on this project.

Metro Pacific has been investing in clean energy projects as the Philippines aims to get 35% of its electricity supply from renewable energy by 2030. Metro Pacific has a separate partnership with Solar Philippines to build approximately 3 gigawatts of solar energy capacity over 5 years.

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