Ultra bilyonaryo Enrique K. Razon Jr. and techpreneur Leandro Leviste are pushing ahead with their joint venture projects.
In a regulatory filing, Leviste-led SP New Energy Corp. said parent Solar Philippines and Razon’s Prime Infrastructure Inc. agreed to push forward their Terra Solar project.
They approved amendments to the shareholders’ agreement of Terra Solar Philippines Inc. (TSPI) “to streamline the decision-making process and reach agreements efficiently and commercially via deadlock resolution mechanisms.”
TSPI earlier signed an agreement with Meralco for 850 megawatts of renewable energy supply to cover the power utility giant’s mid-merit requirement by the first quarter of 2026. Groundbreaking for the Terra Solar project is scheduled for this year.
Solar Philippines also agreed to sell 100 percent of Solar Tanauan to Prime Infra for P1 billion.
Solar Tanauan, which has a power supply agreement with Meralco for 50 MWac, has secured over 140 hectares of land.
READ: Ricky Razon, Leandro Leviste propose power supply deal with Meralco
“With these agreements, Solar Philippines and Prime have agreed to focus the efforts of their joint venture on TSPI, in recognition of the value in working together for the success of the Terra Solar project,” SPNEC said.