November 24, 2025 | 12:00am
MANILA, Philippines — A planned backdoor listing for MGen Renewable Energy Inc. (MGreen) may have to wait until 2027, as the company intends to consolidate energy assets and finish its flagship project first to strengthen business viability.
In an interview with reporters, Manila Electric Co. (Meralco) chairman and CEO Manuel V. Pangilinan said MGreen would have to wait until 2027 before it can enter the Philippine Stock Exchange (PSE) through a backdoor listing.
MGreen is gearing up to become a publicly listed company through a backdoor listing via SP New Energy Corp. (SPNEC), where it owns a 69-percent share.
Pangilinan said SPNEC’s biggest project, the P200-billion Terra Solar, would start energization in the second half of 2026. He believes it would be best to wait for Terra Solar to be activated so MGreen can see how profitable the project is.
“The re-IPO of SPNEC through MGreen cannot be done until 2027 at the earliest because Terra Solar will not start to energize until August to November of 2026. We need to see the revenue of Terra Solar enter the books of SPNEC and MGreen before we are able to relaunch IPO in 2027,” Pangilinan said.
For now, what Pangilinan wants Meralco to do is to transfer its renewable projects into SPNEC to strengthen its financial standing and make it profitable by 2026.
MGreen can then undertake a share swap to prepare for its backdoor listing via SPNEC.
Pangilinan said the goal is to make MGreen the country’s flagship entity for renewable projects, handling solar and wind facilities that bridge the supply gap in power.
“We do have existing renewables projects that are operational and are being built outside of Terra Solar. My suggestion to Meralco is let’s inject [those] into SPNEC so it becomes a bigger entity, and possibly make it profitable in 2026,” Pangilinan said.
Terra Solar, which traverses 3,500 hectares of land across Nueva Ecija and Bulacan, is capable of delivering 3,500 megawatts of solar power to the Luzon grid.
It is equipped with a 4,500-MW battery energy storage, making it the world’s largest solar and battery facility.
SPNEC is also planning to build potentially in Southern Tagalog the second farm of Terra Solar, estimated to generate about 1,500 MW.
However, Pangilinan said the company is facing land problems, as certain properties being eyed for the project are either incapable of holding solar panels or prone to flooding.