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Manila Bulletin devider Business devider Trade & Industry devider MGEN says SPNEC merger won't affect operations

MGEN says SPNEC merger won't affect operations

Published May 25, 2026 02:28 pm
MGEN is shaping the future of energy with a growing portfolio of diversified energy solutions across the Philippines and Southeast Asia
MGEN is shaping the future of energy with a growing portfolio of diversified energy solutions across the Philippines and Southeast Asia

The power generation arm of Manuel V. Pangilinan-led Manila Electric Co. (Meralco) has clarified that its upcoming merger with SP New Energy Corp. (SPNEC) will have no immediate impact on financials or public ownership, maintaining business as usual as the corporate heavyweight prepares for a definitive fourth-quarter consolidation.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, May 25, Meralco PowerGen Corp. (MGEN) confirmed that it is set to merge its assets and investments with SPNEC within the fourth quarter of the year, alongside the completion and delivery of the full 850-megawatt (MW) MTerra Solar.

The merger will be finalized upon completion of the ongoing valuation process and after securing all necessary internal and external regulatory approvals. This consolidation is expected to pave the way for a planned re-initial public offering (re-IPO) by March next year, timed to coincide with the target completion of MTerra Solar’s second phase.

In 2025, the company said it explored the possibility of a backdoor listing for its renewable energy (RE) unit, MGEN Renewable Energy Inc. (MGreen), through public trading and potential asset injections into SPNEC.

While no strict performance milestones are needed to seal the deal, MGEN said it would stay focused on delivering the expected solar capacity supply to Meralco under the power supply agreement (PSA).

“There is no impact on the financial condition, public ownership, and/or business operations of SPNEC as the plans remain preparatory and SPNEC will make the proper subsequent disclosures and reports as required,” it added.

Earlier this year, SPNEC filed for a name change with the Securities and Exchange Commission (SEC). The new name, MGEN Renewable Energy Holdings Inc., signals its departure from founder Batangas Rep. Leandro Leviste.

Although Leviste had already divested his solar business, his company, Solar Philippines, faces a ₱24-billion penalty from the Department of Energy (DOE). - Gabriell Christel Galang

Related Tags

MGen SP New Energy Corp. (SPNEC) Solar Energy
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