SP New Energy Corp. (SPNEC) announced Thursday that its board has approved changing the company’s name to MGen Renewable Energy Holdings Inc., reflecting the integration of its majority owner, Meralco PowerGen Corp. (MGen), into its branding.
The name change is part of MGen’s broader rebranding initiative launched in August 2025, aimed at creating a unified identity across its power generation portfolio, including renewable energy projects. SPNEC said the move will not affect its operations, ownership structure, or ongoing projects.
The change is still pending approval from SPNEC’s stockholders and the Securities and Exchange Commission (SEC), with no final date set. Once approved, the company said the new name is not expected to have any material impact on its business or capital structure.
Meralco acquired a 57.33 percent controlling stake in SPNEC in 2023, while Solar Philippines Power Project Holdings Inc. holds 16.3 percent, and the rest remains publicly owned. MGen emphasized that its investment in SPNEC complied with all regulations and does not rely on the franchise of Solar Para sa Bayan Corp., another energy venture founded by Congressman Leandro Leviste
