Bloomberg News reported that Meralco unit MGen Renewable Energy plans to list and inject assets via SP New Energy.
Shares of the company touched a high of P1.27 per share on Thursday before closing at P1.25 for a daily gain of 8.7 percent. This values SPNEC at nearly P63 billion. Meralco shares slipped 0.88 percent to P505 each while the Philippine benchmark index added 0.76 percent to 6,242.07.
SPNEC is building the Terra Solar project, which earlier received funding commitments from global fund Actis.
Analysts' view
“When Terra Solar was launched with new investor Actis last year, it was already announced that SPNEC will be the vehicle for MER Group’s future solar projects,” said George Ching, research analyst at COL Financial Group.
“However, at this point, the other solar assets are still small relative to the 3,500MW Terra Solar project,” he said.
The Terra Solar project is a 3,500-megawatt peak (MWp) solar farm with a 4,500-megawatt-hour (MWh) battery storage system in Central Luzon.
It is set to be the world’s largest contiguous solar and battery facility once fully completed in early 2027.
MGreen is adding 85.2 megawatts alternating current (MWac) of new solar capacity in 2025 through three projects, data presented during Meralco’s recent financial briefing showed.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
