SPNEC seeks name change, denies PHP 24 billion liability

SP New Energy Corporation, a renewable energy subsidiary of Meralco PowerGen Corporation, has filed an application with the Securities and Exchange Commission to change its corporate name to MGEN Renewable Energy Holdings Inc. and its stock symbol to MGENR.

The filing was submitted on Jan. 22, 2026, in Pasig City and forms part of MGEN’s ongoing rebranding initiative that began in August 2025 to strengthen alignment and consistency across the One MGEN group.

The proposed name and stock symbol change is intended to present a unified identity for MGEN’s diversified power generation portfolio, including renewable energy assets, while improving clarity and ease of identification for stakeholders.

SPNEC said the filing does not involve any changes to its ownership structure, day-to-day operations or existing renewable energy projects, and that the company will continue to operate as usual pending approvals from its stockholders and the SEC.

In a separate clarification, SPNEC reiterated that it is not liable for PHP 24 billion in penalties cited by the Department of Energy in connection with terminated solar service contracts previously held by Solar Philippines.

The company said the clarification followed the DOE’s recent report on the status of solar service contracts and reaffirmed its commitment to advancing large-scale renewable energy projects that support the country’s energy transition.

SPNEC said that of the roughly 12,000 megawatts of solar service contracts terminated by the DOE, only one project—the 280-megawatt Sta. Rosa solar project—falls under its portfolio.

The Sta. Rosa project was offered and awarded during the first round of the government’s Green Energy Auction Program under the project’s former management, according to the company.

SPNEC added that a notice of force majeure was filed with the DOE last year, citing factors beyond the company’s control that prevented completion of the project by its original December 2025 target.

The company emphasized that the broader penalties discussed by the DOE relate to contracts that are not under SPNEC, and therefore the cited PHP 24 billion does not apply to its operations.

SPNEC also highlighted the execution track record of its renewables platform, noting that multiple projects have been completed ahead of schedule under the DOE’s second Green Energy Auction.

These include the 19.8-megawatt alternating current Bongabon Solar Project in Nueva Ecija, completed at least six months early, and the 52.8-megawatt alternating current Cordon Solar Project in Isabela, delivered four months ahead of schedule.

At present, MGEN Renewables operates seven solar facilities nationwide with a combined capacity of more than 400 megawatts.

The company is also developing the MTerra Solar project, which is expected to reach 3,500 megawatts peak of solar capacity integrated with 4,500 megawatt-hours of energy storage once completed.

SPNEC said these developments underscore its focus on project delivery and regulatory compliance as it continues to pursue large-scale renewable energy projects aligned with national clean energy and decarbonization goals.