Provincia to invest ₱15 billion in Batangas, other provinces
By VG Cabuag September 18, 2024
from Business Mirror
Provincia Investments Corp., a firm owned by Solar Philippines founder Leandro Leviste, on Tuesday said it is investing over P15 billion to create jobs in Batangas and other provinces.
The amount is on top of the initial P5 billion that Countryside Investments Holdings Corp., also owned by Leviste, will invest in Batangas.
“We are grateful to our partners who have helped our business grow. Now that we have this capital, it is our responsibility to invest it to benefit as many of our countrymen as we can,” he said.
In 2021, Provincia entered into a loan agreement with the Ayala Group’s AC Energy Corp. to fund the acquisition of land in Tarlac. The loan with ACEN has since been fully repaid.
Provincia also recently acquired the largest poultry farm in Nueva Ecija, which owns approximately 60 hectares. The company did not disclose the price of the transaction, but said the land was valued “at an attractive price net of the value of the poultry structures.”
Provincia will work with Solar Philippines to develop its landbank in Batangas, Tarlac and Nueva Ecija, the company said.
“Provincia aims to make provinces better than Manila. Provincia is focused on making value investments in real estate and equities for industrial, commercial, energy and infrastructure-related developments.”
By creating jobs in rural areas, the company said it aims to increase household incomes and propel the sustainable development of its target provinces.
The said investments are primarily funded from the sale of secondary shares of listed firm SP New Energy Corp. (SPNEC).
Meralco PowerGen Corp. recently paid Leviste’s wholly-owned Solar Philippines Power Project Holdings Inc. P6.7 billion for 5.8 billion shares of SPNEC.
Solar Philippines has raised approximately P15 billion to date from its SPNEC shares, and will continue to own approximately 29 percent of SPNEC.
SPNEC’s solar projects are concentrated in Batangas, Tarlac, and Nueva Ecija, where Provincia’s first investments are also located.
