SP New Energy Corp. (SPNEC) plans to build another large solar farm in Batangas province to be called Terra Solar 2, a top executive said.
SPNEC chairman, president and chief executive Manuel Pangilinan said in a recent interview its partner Solar Philippines of businessman Leandro Leviste secured a large track of land in Batangas that could be developed into another large solar farm.
Pangilinan said, however, Terra Solar 2 may not be as large or larger than the P200-billion Terra Solar in northern Luzon.
Terra Solar 1, dubbed as the world’s largest integrated solar and battery storage facility, is a 3,500-megawatt solar power plant and a 4,000-megawatt-hour energy storage system in Nueva Ecija and Bulacan, with a target completion by 2027.
“We don’t know if it will be as large as Terra Solar but may be not as large. But it will still be several thousand hectares,” Pangilinan said.
Pangilinan also reported plans to list MGEN Renewable Energy Inc. (MGreen) on the Philippine Stock Exchange via SPNEC.
The transaction is expected to be completed this year.
Pangilinan said the planned backdoor listing would enable the group to put all its renewable assets under a holding company.
Under the plan, MGreen will inject its renewable assets in SPNEC for backdoor listing. In exchange, MGreen’s parent firm Meralco PowerGen Corp. (MGEN), a wholly owned subsidiary of Manila Electric Co., will get additional shares in SPNEC.
Meralco said Friday its board of directors approved the selection of advisers for the planned backdoor listing of MGreen.
“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 had a net sellable generating capacity of 397.3 megawatts (MW) of pure renewable energy as of February 2025. These included 1,292.7 MW from MThermal (baseload) and 3,275 MW from MGas (transition fuel).
MGreen targets an initial 1,500 MW of renewable energy portfolio.