MGreen acquires majority stake in SPNEC for PHP 13.76B

MANILA — Meralco PowerGen Corp.’s renewable energy arm has taken control of SP New Energy Corp. (SPNEC) after acquiring billions of shares through a PHP 13.76 billion transaction.

SPNEC disclosed to the Philippine Stock Exchange that 10.83 billion shares were transferred by Solar Philippines Power Project Holdings, Inc. to MGen Renewable Energy, Inc. (MGreen) on October 27, 2025.

The block sale was executed following the maturity of two exchangeable loans earlier extended by MGreen to Solar Philippines, the company said in its SEC Form 17-C filing dated October 28.

“The transfer was made following the maturity of the exchangeable loans previously extended by MGreen to Solar Philippines Power Project Holdings, Inc.,” SPNEC stated.

The deal raises MGreen’s stake in SPNEC to 28.71 billion common shares, representing 57.33 percent of the firm’s outstanding capital stock.

SPNEC founder Leandro Leviste now retains roughly 9.35 billion shares, or 18.66 percent of the company, significantly reducing his majority position.

For Meralco, the country’s largest electric distribution utility, the transaction consolidates control over one of the Philippines’ most ambitious renewable energy developers.

Meralco has now invested more than PHP 34 billion in SPNEC, including a PHP 15.9 billion primary share subscription that financed the 3,500-megawatt MTerra Solar project in Nueva Ecija and Bulacan.

The MTerra Solar initiative, positioned as the world’s largest solar-battery facility, is a flagship development in the country’s bid to expand its renewable energy capacity.

MGreen’s majority acquisition is expected to accelerate the build-out of solar infrastructure as the Philippines seeks to meet its clean energy targets under the Renewable Energy Act of 2008.