SP New Energy Corp. (SPNEC) said Thursday its board has approved a change of its corporate name to MGEN Renewable Energy Holdings Inc. as part of a broader branding strategy under its new parent firm, Meralco PowerGen Corp.
The company board also authorized changes to its stock symbol and logo to align with the new identity. The move follows the rollout of a branding strategy by the Meralco PowerGen Corp. Group after it became the majority shareholder of the solar developer.
“This is part and parcel of the gradual rollout and implementation of the overall branding strategy of the Meralco PowerGen Corp. Group,” the company said in a disclosure to the Philippine Stock Exchange.
The rebranding comes after the Department of Energy announced the cancellation of nearly 12,000 megawatts of renewable energy contracts linked to Solar Philippines Power Project Holdings Inc. The government agency also imposed fines totaling up to P24 billion related to those projects.
Solar Philippines Power Project Holdings Inc, led by Rep. Leandro Leviste, still owns 16.3 percent of the company while MGen holds 57.33 percent. The remaining shares are publicly owned.
To formalize the change, the board approved amending the articles of incorporation and bylaws. These amendments remain subject to the approval of stockholders and the Securities and Exchange Commission. The company stated that the name change is not expected to have a material impact on its business, operations or capital structure once approved.
SPNEC previously clarified it is not liable for the P24 billion in penalties cited by the energy department regarding terminated service contracts. The company said that of the canceled contracts, only the 280-megawatt Sta. Rosa project falls under its portfolio.
The renewable energy firm noted that the project’s former management was awarded the capacity in the first round of the Green Energy Auction Program but has since filed a notice of force majeure.
The company cited reasons beyond its control for the inability to meet the completion target set for December 2025.
MGen increased its stake in the developer through a block sale on the Philippine Stock Exchange on Oct. 27, 2025.
MGen subsidiary MGen Renewable Energy Inc. acquired 10.8 billion shares for P13.8 billion, while MGen itself acquired 5.8 billion shares in 2024 from the firm led by Representative Leviste.
