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October 11, 2023

King & Spalding Advises SP On $280m Solar Deal In The Philippines

King & Spalding represented Solar Philippines Power Project Holdings, Inc. (SP) on its agreement with Meralco Powergen Corporation (MGen) and SP New Energy Corporation (SPNEC) for MGen to subscribe for 15.7 billion common shares and 19.4 billion redeemable preferred voting shares in the Company for 15.9 billion Php (approximately USD280 million).

SPNEC is the largest pure play renewable company in the Philippines and is listed on the Philippines Stock Exchange. SPNEC is currently contracted to develop what will be one of the largest solar power and storage facilities in the world, with a capacity of 3,500 MW solar and 4,000MWh battery energy storage called the Terra Solar Project.

MGreen is a subsidiary of Meralco, the largest private sector electric distribution utility company in the Philippines and the contracted offtaker for the Terra Solar Project. The King & Spalding team advising SP on this transaction consisted of Simon Cowled, Jill Cooper, Connie Ye and Eoin Coffey. Philippines local counsel advising SP is Picazo Buyco Tan Fider & Santos.