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MGen explores backdoor listing for renewable energy unit

Business | The Stock Market

MGen explores backdoor listing for renewable energy unit

By Gabriell Christel Galang

Meralco PowerGen Corp. (MGen) is exploring a potential backdoor listing for its renewable energy (RE) unit, MGen Renewable Energy Inc. (MGreen).

In a disclosure to the Philippine Stock Exchange on Friday, March 14, SP New Energy Corporation (SPNEC), an Meralco group subsidiary, stated that MGen is considering this option to make MGreen publicly traded, possibly involving asset injections into SPNEC.

However, details on specific assets remain undisclosed, as the MGen board has yet to finalize transaction terms and regulatory requirements.

"As part of this review, the MGen Board approved engaging professional advisors to assess the feasibility and structure of such a transaction, including regulatory compliance," the disclosure stated.

Last year, MGen and SPNEC partnered with Actis, a global investment firm, which acquired a 40 percent equity stake in Terra Solar Philippines.

The proceeds will fund the development and expansion of the solar facility. Terra Solar aims to be the world's largest RE and storage project, featuring 3,500 megawatt-peak (MWp) of solar capacity and 4,500 megawatt-hour (MWh) of battery energy storage, across 3,500 hectares in Nueva Ecija and Bulacan.

The project broke ground in November 2024 and secured a P150 billion omnibus loan and security agreement (OLSA) with six local banks.

MGen develops and operates power generation facilities, including RE projects, while MGreen specializes in clean energy developments. In February 2024, MGreen increased its stake in SPNEC to 55.96 percent.

Related Tags

MGreen Meralco PowerGen SP New Energy Corporation

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