MVP confirms SPNEC re-IPO

Instead of an initial public offering (IPO) for its green energy businesses under MGen Renewable Energy Inc. (MGreen), Manila Electric Co. (Meralco) is planning a relisting after all of its assets have been consolidated under SP New Energy Corporation (SPNEC).

- By JAMES A. LOYOLA

“We're likely to inject our renewable assets into SPNEC and rename it MGreen. We will use SPNEC as a house, a roof (holding company),” said Meralco Chairman, President and CEO Manuel V. Pangilinan in an interview.

He explained that, MGreen subsidiary “SPNEC is a renewables company. It’s entirely solar. We have some wind projects and solar in Meralco itself, so we just put it under that one house. After we inject our renewable assets into SPNEC, most likely, we will do a re-IPO.”

Meanwhile, SPNEC’s Terra Solar project, projected to be the biggest solar farm in the world, is expected to start operations and generate revenues by the end of 2025.