SPNEC ‘re-IPO’ eyed by 2027

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February 23, 2026 | 12:00am

MANILA, Philippines — SP New Energy Corp. (SPNEC), the company behind the P200-billion MTerra Solar in Central Luzon, plans to return to the capital market next year via a re-initial public offering (IPO) to secure fresh funds.

“Perhaps in 2027, we will re-IPO to raise a bit of money for SPNEC and MGreen (MGEN Renewables),” Meralco and SPNEC chairman Manuel V. Pangilinan said in a recent interview.

MGreen, the Meralco Group’s renewable energy arm, acquired a controlling stake in SPNEC in 2023 from Solar Philippines, founded by businessman-turned-politician Leandro Leviste.

With two companies focused on renewables, the group is now moving to consolidate the assets of SPNEC and MGreen as part of its restructuring.

“There might be a re-IPO, but first we will inject the renewable assets outside of MTerra Solar to MGreen,” Pangilinan said, adding that the merged entity would be “a much bigger company by then.”

Recently, SPNEC sought regulatory approval to change its corporate name to MGEN Renewable Energy Holdings Inc. (MGENR), fueling speculation that MGreen may be preparing for a market listing.

The STAR has learned that any potential market move – whether a re-IPO or a backdoor listing – hinges on the completion of the MTerra Solar project, which is poised to be the world’s largest integrated solar facility.

The project, featuring a 3,500-megawatt solar farm paired with a 4,500-MW-hour battery energy storage system, achieved its initial energization and grid synchronization earlier this month, just over a year after groundbreaking in November 2024.

MTerra Solar Phase 1 is progressing on schedule, with 1,288 MW-direct current of solar capacity installed as of end-January, making it the country’s largest solar installation to date.

Construction of Phase 2 is already underway, putting the project on track for full completion by 2027.

“Once the transformation of SPNEC into MGENR is complete, MTerra Solar is fully operational and the MGEN renewable energy assets are infused, it would be a good opportunity to do a follow-on offering or what we might call a re-IPO,” Juan Paolo Colet of China Bank Capital Corp. told The STAR.

This, he said, would provide an opportunity to “reintroduce the expanded company to the stock market and raise equity capital for its growth strategy.”

“That exercise could lead to a better market valuation of the company,” Colet added.

As of Feb. 20, SPNEC’s shares were valued at P1.30 each, giving the company a market capitalization of roughly P66 billion.