MGen Renewable Energy Inc. (MGreen), a subsidiary of Manila Electric Company (Meralco), has successfully completed its acquisition of a controlling stake in SP New Energy Corporation (SPNEC) for 15.9 billion. This achievement comes after the Securities and Exchange Commission approved an increase in SPNEC’s authorized capital stock. With the acquisition finalized, SPNEC, now wholly owned by MGreen, will finance the project through a mix of capital infusion and project financing. The recent transition in leadership, with Manuel V. Pangilinan assuming key roles, coincided with MGreen’s final payment for the acquisition. Notably, SPNEC has appointed new members to its board and key positions, signaling a transformative phase for the renewable energy company.
About MGen Renewable Energy Inc.
Meralco PowerGen Corporation (MGen), the power generation branch of Manila Electric Company (MERALCO), the Philippines’ largest private electric distribution utility, offers dependable and competitive power through diverse, advanced, and sustainable technologies.
To meet growing energy demands, MGen acquired Global Business Power Corporation (GBP) on March 31, 2021. This collaboration enables MGen to provide adaptable energy solutions across Luzon, Visayas, and Mindanao, leveraging GBP’s expertise in these regions. With a combined capacity of 2,430 MW from coal, natural gas, diesel, and solar sources, MGen-GBP caters to various energy needs, aiming to add 1,500 MW of renewable energy to its portfolio to support a sustainable future.
About SP New Energy Corporation (SPNEC)
SP New Energy Corporation(SPNEC) is committed to advancing solar energy as the future of power in the Philippines. The company anticipates significant cost savings for the country by transitioning to solar and aims to benefit from displacing traditional fossil fuels. Currently, SPNEC is constructing a 500MWp solar power plant in Barangay Las Piñas, Sinasajan, and Peñaranda, Nueva Ecija, chosen for its optimal irradiance levels and ample land availability.
The project will unfold in phases: Phase 1A, a 50MWp segment, is underway and expected to be operational by mid-2023. Following this, 175MWdc is slated for commissioning by the end of 2023, or within nine months after securing financing for Phase 1B. Additionally, a further 275MWp is planned for Phase 2 upon the completion of the initial phase.
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