Billionaire Anthoni Salim-Backed Metro Pacific Poised To Invest Over $427 Million In Philippine Solar Firm

Metro Pacific Investments—the Philippine unit of billionaire Anthoni Salim’s First Pacific—said Monday it will invest as much as 23.8 billion pesos ($427 million) to become the biggest shareholder of solar energy firm SP New Energy.

The company—which has investments in energy, water and toll roads in the Philippines—has completed the acquisition of 1.6 billion shares for 2 billion pesos, giving it an initial 16% stake in SP New Energy.