Instead of an initial public offering for its green energy businesses under MGen Renewable Energy Inc. (MGreen), Manila Electric Company (Meralco) is planning a re-IPO after all of its assets has been consolidated under SP New Energy Corporation (SPNEC).

“We’re likely to inject our renewable assets into SPNEC and rename it MGreen. We will use SPNEC as a house, a roof (holding company),” said Meralco Chairman, President and CEO Manuel V. Pangilinan in an interview.

He explained that, MGreen subsdidiary “SPNEC is a renewables company. It’s entirely solar. We have some wind projects and solar in Meralco itself, so we just put it under that one house. After we inject our renewable assets into SPNEC, most likely, (we will do a) re-IPO.”

Meanwhile, SPNEC’s Terra Solar project, projected to be the biggest solar farm in the world, is expected to start operations and generating revenues by the end of 2025.

“It’s not clear yet whether they are on track or not. But the cost of the plant is lower than anticipated. There may be some delay but we’ll start to energize the solar panels by the end of this year. So, we’ll be producing energy by the end of this year,” said Pangilinan.

MGreen recently boosted its stake in SPNEC by acquiring 5.01 billion SPNEC shares for ₱6.26 billion from its founder, now congressman, Leandro Leviste.

This in addition to a previous agreement to sell 5.82 billion shares for ₱7.50 billion. Under these agreements, MGen has already paid Leviste ₱13.76 billion.

On top of this, MGreen had previously purchased from Leviste 3.77 billion shares for ₱4.50 billion. Altogether, Leviste’s wholly-owned companies have agreed to sell a total of 14.60 billion shares to MGen for ₱18.26 billion.

In 2023, Leviste also sold 1.84 billion SPNEC shares to public shareholders for ₱2.23 billion. In total, Leviste has sold 16.44 billion shares for ₱20.49 billion.

After these transactions, Leviste’s wholly-owned Solar Philippines Power Project Holdings, Inc. (Solar Philippines) would still own 8.16 billion shares of SPNEC.

Leviste said he is currently considering options for other private placements and financing on the remaining SPNEC shares of Solar Philippines and affiliates, which would bring the total funding raised from the SPNEC shares of Solar Philippines and affiliates to over ₱34 billion.

Meralco invested ₱15.90 billion in primary shares of SPNEC in 2023 (together with purchasing ₱18.26 billion in secondary shares from Leviste, bringing Meralco’s overall investments in SPNEC to also over ₱34 billion) for the construction of SPNEC’s 3500 MW Terra Solar project in Nueva Ecija, the world’s single largest solar-battery project.

Leviste decided to focus on public service in 2024 after selling Meralco the controlling stake in SPNEC. He continues to invest the proceeds of these share sales in real estate and equity investments, with the proceeds of these investments funding his philanthropic initiatives.

Leviste was elected Congressman of the 1st District of Batangas on May 12, 2025 with 268,764 votes, the most votes in any congressional race in the history of Batangas.