MGENR to exchange shares for renewable assets in ₱4.98-billion deal
The transaction would make MGENR Meralco PowerGen’s main listed renewable power platform, with a possible re-IPO in early 2027.
MGEN Renewables Inc. (MGENR) will exchange newly issued shares for renewable energy holdings in a planned ₱4.98-billion transaction approved by its board on Oct. 27. The deal forms part of preparations for a possible re-initial public offering in 2027.
Under the arrangement, MGEN Renewable Energy Inc. (MGEN Renewables) would receive 3.11 billion MGENR shares valued at ₱1.60 each. In return, it would transfer stakes in Greenergy for Global Inc., Greentech Solar Energy Inc., CACI Power Corp., Nuevo Solar Energy Corp. and PowerSource First Bulacan Solar Inc.
MGENR, previously called SP New Energy Corp., said in a regulatory filing that the operating assets were expected to bring in cash and broaden its revenue sources. The proposed swap would also make it the principal listed vehicle for renewable power within Meralco PowerGen Corp.
Meralco PowerGen president and CEO Emmanuel Rubio previously told The Philippine Star that preparations were under way to combine the two renewable energy companies, with MGENR remaining as the surviving entity. He said the re-IPO could happen in the first quarter of 2027 if plans proceed.
Separately, majority-owned subsidiary Terra Solar Philippines Inc. (TSPI) is set to obtain up to ₱7.82 billion in additional financing for operations and project development. MGENR’s wholly owned Terra Nueva Inc. plans to buy TSPI common shares for ₱50 each and Class “A” preferred shares for ₱75 each.
That financing arrangement still needs approval from TSPI’s lenders and venture partner Actis, a UK-based investment firm. TSPI is developing MTerra Solar, a ₱200-billion project in Central Luzon.
