The board of Meralco PowerGen Corp. (MGEN) approved the selection of advisers for the planned backdoor listing of its renewable energy subsidiary MGEN Renewable Energy Inc. (MGreen) on the Philippine Stock Exchange.
The listing could occur through SP New Energy Corp. (SPNEC).
“We would like to clarify that Meralco Powergen Corp. (MGEN) is currently evaluating the potential initial public offering [IPO] of MGEN Renewable Energy Inc. [MGreen], which may include the possibility of injecting assets into SPNEC,” Manila Electric Co. (Meralco) said in a disclosure.
MGEN is a wholly-owned subsidiary of Meralco, the country’s largest power retailer.
MGreen plans to join the stock exchange through a backdoor listing via SPNEC.
Meralco is considering an IPO for MGreen due to its portfolio of renewable energy power plants, specifically solar and wind projects, while also boosting SPNEC’s assets.
“As part of this review, the MGEN board has approved the engagement of professional advisers to assist in assessing the feasibility and structure of such a transaction,” Meralco said.
MGreen has a net sellable generating capacity of 397.3 megawatts (MW) of pure renewable energy.
It also holds a stake in SPNEC, which has a controlling interest in Terra Solar Philippines Inc., the company developing MTerra Solar in Nueva Ecija.
Once completed, MTerra Solar will be the world’s largest integrated solar photovoltaic and battery energy storage system, with a capacity of 3,500 megawatts peak solar energy and 4,500 megawatts alternating current battery.
MGreen targets an initial 1,500 megawatts of renewable energy portfolio.
The MGEN group had a combined net sellable capacity of 4,912 MW from traditional and renewable sources, including MGreen, as of February 2025.
These include 1,292.7 MW from MThermal (baseload) and 3,275 MW from MGas (transition fuel).