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Manila Bulletin devider Environment and Sustainability devider Meralco unit set to become the largest renewable energy company in the country

Meralco unit set to become the largest renewable energy company in the country

Published Oct 15, 2023 10:40 am

MGen Renewable Energy, Inc. (MGreen), a subsidiary of Meralco’s power generation arm Meralco PowerGen Corporation, is set to invest P15.9 billion in SP New Energy Corporation (SPNEC). Upon closing, MGreen’s common and preferred voting shares will make MGreen the controlling shareholder of SPNEC with a total voting interest of 50.5 percent.

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Photo shows, from left: Meralco EVP and COO Ronnie L. Aperocho, MGen-GBP EVP and COO Dominador M. Camu, Jr., SPNEC CEO Leandro Leviste, Meralco Chairman and CEO Manuel V. Pangilinan, MGen-GBP SVP and CFO Donato R. Gloria, and MGen-GBP SVP for Commercial and Planning Marcos V. Yorobe.

“This will be one of the largest solar projects not just in Asia, but in the world,” said Manuel V. Pangilinan, chairman and CEO of Meralco. “The Department of Energy’s vision is to have about 35 percent of the country’s energy come from renewable energy, and this is one of Meralco’s major contributions to this goal.”

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