“Indonesian Billionaire Anthony Salim to Invest $427 Million in Solar Energy Company in the Philippines”

Jakarta –

One of the richest people in Indonesia, Anthony Salim will inject funds of 23.8 billion pesos or US$ 427 million, or IDR 6.27 trillion (exchange rate of IDR 14,700/US$) to a solar energy company, SP New Energy. This investment was made precisely by his business unit, namely Metro Pacific Investments in the Philippines.

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.

SP New Energy Corporation (SPNEC) is a company engaged in the field of empowering solar power from the Philippines. Quoted from the company’s official website, Thursday (11/5/2023), this company is building a solar power plant (PLTS).

“We are optimistic that switching to solar power will save the country billions of pesos per year, and we, SP New Energy Corporation, are ready to reap the rewards of reducing fossil fuels,” the company said, as quoted from its official website.

SPNEC is currently developing 500 MWp solar power plants in Barangay Las Piñas, Sinasajan, and Peñaranda, Nueva Ecija. This location has good irradiation levels and adequate available land, making it conducive for the operation of PLTS.

This company is a subsidiary of Solar Philippines Power Project Holding, Inc. with a 66.77% stake. Led by Leandro Antonio L. Leviste, Solar Philippines plans to build 10 gigawatts of solar power across the country by 2025.

Leandro is the founder of Solar Philippines Group in 2013. Leandro has a number of achievements, one of which was that he was included in the Forbes magazine’s 30 under 30 Asia list in 2016. He also received an award from Philippines entrepreneur of the year 2022.

As additional information, apart from Metro Pacific, the company has also partnered with Prime Infrastructure owned by the boss of the Philippine casino and port, Enrique Razon. 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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(dna/dna)