Backdoor listing for Meralco’s RE unit only feasible in 2 years

A planned backdoor listing for MGen Renewable Energy Inc. (MGreen) may have to wait until 2027, as the company intends to consolidate energy assets and finish its flagship project first to strengthen business viability.

- — Elijah Felice Rosales

In an interview with reporters, Manila Electric Co. (Meralco) chairman and CEO Manuel V. Pangilinan said MGreen would have to wait until 2027 before it can enter the Philippine Stock Exchange (PSE) through a backdoor listing.

MGreen is gearing up to become a publicly listed company through a backdoor listing via SP New Energy Corp. (SPNEC), where it owns a 69-percent share.

Pangilinan said SPNEC’s biggest project, the P200-billion Terra Solar, would start energization in the second half of 2026. He believes it would be best to wait for Terra Solar to be activated so MGreen can see how profitable the project is.