Manila Electric Co. (Meralco) has increased its stake in solar company SP New Energy Corporation (SPNEC), the largest solar energy developer in the Philippines.

According to a listing on the Philippines stock exchange, MGen – a wholly owned subsidiary of Meralco – acquired an additional 5.8 billion shares in SPNEC, equivalent to 11.6% of the company, from Solar Philippines Power Project Holdings Inc for a total of PHP 7.5 billion.

The deal brings the total investment of MGen and its affiliates to PHP 27.9 billion for 25.3 billion shares, equivalent to 50.5% of SPNEC. Solar Philippines will continue to hold 14.7 billion shares, equivalent to 29.4% of the company.

In the listing, SPNEC said that it does not expect the transaction to have a material impact on its business and operations.

At the start of this year, SPNEC and Solar Philippines broke ground on a 4 GW solar park that has been touted as the world’s largest solar array.