SP New Energy Corp. (SPNEC), the solar power producer now under the control of Manila Electric Co. (Meralco), has unveiled plans for a second major solar farm in Batangas. This new project adds to its growing renewable energy portfolio, which already includes the world’s largest solar farm, currently under development in Nueva Ecija and Bulacan through its Terra Solar Philippines Inc. subsidiary.
Meralco chairman Manuel V. Pangilinan confirmed the new Batangas project, noting that while discussions are ongoing with SPNEC founder Leandro Leviste, nothing has been finalized. Leviste, a Batangas native, recently expressed the intention to invest up to P5 billion in various development projects within the province, including the proposed solar farm.
“We’re talking to Lean, but nothing has been finalized,” Pangilinan said. “Leviste informed us that there is land available in Batangas suitable for solar development.”
The planned solar farm, although smaller in scale than the flagship Terra Solar project, spans several thousand hectares set to be developed under SPNEC, which is rebranding as MGreen following the injection of additional solar assets from Meralco’s power generation arm, MGen. The move will streamline its corporate structure, centralize all solar power assets within SPNEC that will serve as a platform for MGen’s renewable energy projects.
Pangilinan said the merger of MGen’s solar assets into SPNEC will result in a “leaner” corporate structure, with the solar initiatives housed under the renamed MGreen. This transition will effectively serve as a backdoor listing for the company, consolidating the growing renewable energy segment of the Meralco Group.
Meralco’s expansion into solar power gained significant traction with the partnership between Terra Solar and UK-based investment house Actis. Last year, Actis invested USD600 million for a 40 percent stake in Terra Solar, further boosting the project’s momentum. The first phase of Terra Solar is seen completed by 2026, with the second phase following in 2027. Upon completion, the facility will provide sustainable energy to approximately 2.4 million households across Luzon.
The development of the Batangas project signals SPNEC’s continued commitment to expanding its solar power footprint, with long-term plans to contribute to the country’s transition to cleaner energy sources.
