Commission Decision No. 39-M-040-2018:
Acquisition by Kepco Philippines Holdings, Inc. of Shares in Solar Philippines Calatagan Corporation
The proposed transaction involves the acquisition of KPHI, a wholly-owned corporation of Korea Electric Power Corporation, of a 38% equity interest in SPCC (the “Transaction”). SPCC has been established to develop, finance, design, engineer, construct, complete, maintain, own and operate a 63.3MW solar power generating facility in Barangay Paraiso and Barangay Biga in Calatagan, with over 200,000 solar panels and 828 inverters.
The Transaction will be implemented by way of simultaneous subscription by KPHI to unissued convertible preferred shares of SPCC, and share purchase by KPHI of SPCC’s convertible preferred shares from SPHI, the parent company of SPCC. SPHI has key portfolios in the solar energy market.
The acquisition will be the first entry of KPHI in the renewable energy market in the Philippines.