SP New Energy Corp. (SPNEC) is on track to start producing solar energy by the end of the year and plans to fold in renewable energy assets from an affiliate, the company’s chief executive said.
SPNEC chairman, president and chief executive Manuel V. Pangilinan said in a recent interview that the company’s solar panels would be “energized by the end of this year,” leading to power production.
SPNEC is also preparing to inject MGEN Renewable Energy Inc. (MGreen) into the company, Pangilinan said, adding that the move would likely be followed by a re-initial public offering (re-IPO).
“We’re likely to inject our renewable assets into SPNEC and rename it MGreen,” Pangilinan said.
“SPNEC is a renewables company — entirely solar. Meralco also has solar, and some wind projects, so we just put it under that in one house,” he said.
MGreen, a subsidiary of power retailer Meralco, targets an initial 1,500 MW of renewable energy portfolio and had a net sellable generating capacity of 397.3 MW of pure renewable energy as of February 2025.
The first part of SPNEC’s MTerra Solar 1 project in Nueva Ecija, Phase 1A, is expected to start commercial operations and generate 50 MW of capacity sometime in the fourth quarter of 2025.
The entire MTerra Solar project, which SPNEC describes as the world’s largest integrated solar and battery storage facility, is a 3,500-MW solar power plant and a 4,000-megawatt-hour energy storage system across Nueva Ecija and Bulacan, with a target full completion by 2027.
