Manuel Pangilinan is turning over the reins of his group’s solar power venture in SP New Energy Corp. (SPNEC) to recently hired Emmanuel Rubio, as chief executive officer (CEO).
Pangilinan will remain as SPNEC chairman.
SPNEC also appointed Dennis Jordan as the company’s chief operations office vice Dominador Camu.
Rubio was recently appointed CEO of Meralco PowerGen Corp. (MGen) following his retirement from Aboitiz Power Corp.
SPNEC is a unit of Meralco under MGen.
Rubio is also replacing Rochel Donato Gloria as SPNEC director.
Meanwhile, SPNEC said it is assigning its rights, title and interest in the Terra Solar Project to unit Terra Solar Philippines Inc. in exchange for 1.05 billion shares of TSPI.
Terra Solar is in the mid of a P200- billion solar project in Nueva Ecija and Bulacan, referred to as the world’s largest solar project.
The project consists of 3,500 megawatts (MW) of solar panels and 4,000 MW-hours of battery storage, eyed for operations by 2026.
As of end-2023, SPNEC had secured 3,431 hectares of land for development, comprising 2,976 hectares purchased and 454.9 hectares leased.
