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Manila Bulletin devider Business devider The Stock Market devider SPNEC moves ahead with MGreen backdoor listing

SPNEC moves ahead with MGreen backdoor listing

Published Jun 25, 2026 01:55 pm

SP New Energy Corp. (SPNEC) is pursuing its backdoor listing with renewable energy (RE) unit MGEN Renewable Energy Inc. (MGreen), a year after announcing its plans for asset injections.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, June 25, SPNEC said it has approved an undisclosed budget for the infusion of its assets into MGreen, adding that a separate allocation would be used for advisory fees related to the asset injection.

Last month, Meralco PowerGen Corp. (MGEN) announced that it would merge its assets and investments with SPNEC in the fourth quarter, coinciding with the partial completion of the MTerra Solar project, which is scheduled to deliver 850 megawatts (MW) of power.

The merger is expected to be finalized after the ongoing valuation process and the completion of other internal and external regulatory requirements.

The consolidation paves the way for a planned re-initial public offering (IPO) by March 2027, in time for the expected completion of the second phase of MTerra Solar.

Prior to these activities, MGEN and SPNEC tapped global investment firm Actis to acquire a 40-percent equity stake in the major solar facility, funding its ongoing development and expansion.

In February, Manuel V. Pangilinan-led Manila Electric Co. (Meralco) said it had been in discussions with a Japanese energy investment firm to acquire the remaining 16.3 percent stake in SPNEC still owned by its previous owner, Batangas Rep. Leandro Leviste. MGen currently owns nearly a 60-percent stake in SPNEC, while Pangilinan-led Metro Pacific Investments Corp. (MPIC) holds 3.2 percent.

Terra Solar is located on a 3,500-hectare (ha) site spanning multiple areas in Bulacan and Nueva Ecija provinces. It is expected to generate about 3,500 megawatt-peak (MWp) of solar power, complemented by a 4,500 megawatt-hour (MWh) battery energy storage system (BESS). Once completed, the project is projected to supply electricity to approximately 2.4 million households. - Gabriell Christel Galang

Related Tags

Meralco PowerGen Corp. (MGen) MGen Renewable Energy Inc. (MGreen) SP New Energy Corp. (SPNEC)
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