MGen Renewable Energy Inc. (MGreen), the green energy arm of Meralco PowerGen Corp. (MGen), is exploring the possibility of a public listing, with key advisors recently retained to guide the process, its listed affiliate, SP New Energy Corp. (SPNEC) told the Philippine Stock Exchange.
SPNEC, the country’s largest solar company, which counts MGreen as a major shareholder, was mentioned by Manuel V. Pangilinan, chairman of Manila Electric Co., as potential avenue for MGreen to go public through a backdoor listing via SP New Energy.
SP New Energy told the stock exchange that the process is still in its nascent stage, with the company, MGreen, and other partners still determining which assets will be consolidated or injected into SP New Energy if a backdoor listing would be the chosen route to go public.
SP New Energy said it is too early to assess the potential impact of these asset moves on its operations, strategic direction, or financial health. It assured stakeholders that it will promptly inform the Philippine Stock Exchange (PSE), trading participants, and the investing public once details regarding the planned consolidation and listing are finalized, fully complying with regulations and disclosure requirements.
Clearly, by engaging advisors early, MGreen is laying important groundwork, ensuring comprehensive due diligence and structure. Market observers view this step as prudent, allowing flexibility in selecting which renewable energy assets—such as solar farms, wind projects, or energy storage facilities—could be consolidated for maximum value and operational coherence.
