In its disclosure to the Philippine Stock Exchange on January 7, 2021, Meralco (ticker symbol: MER) said PowerGen Corporation (MGen) acquired additional 20 percent equity in PowerSource First Bulacan Solar, Inc. (PowerSource) through its wholly-owned subsidiary MGen Renewable Energy, Inc. The transaction increases MGen’s’s indirect holdings to 60%; MGen is a 100% subsidiary of Meralco.
PowerSource is a company that deals mainly in the development, construction and operation of solar-powered generation facilities. Meralco further disclosed that PowerSource is presently constructing a 50-megawatt solar facility that is expected to be in commercial operation by the first quarter of the year.
Prior to the acquisition, PowerSOurce was co-owned by MGen Renewable Energy, Inc. (40%), Powersource Energy Holdings Corporation (36%) and Sunseap Philippines Solar Holdings PTE Ltd. (24%).
Meralco explained that the acquisition was in line with MGen’s goal to diversify and increase investment in the renewable energy sector.
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Source: This article was based on company disclosure entitled Clarification of News Article – “MGen raises stake in PFBSI posted on the PSE Edge website on January 5, 2021.