Guided to show net income for FY 2026 for the first time; Share swap to broaden renewable energy portfolio
28 October 2026 – Pasig City, Philippines – SP New Energy Corporation (SPNEC) now renamed to MGEN Renewables, Inc. (MGENR), expects to post its first full-year profit in 2026, with expected net income of around Php700 million for FY 2026, as MTerra Solar’s growing earnings contribution drives a turnaround from its Php4.1 billion net loss in 2025.
The listed renewable energy platform of Meralco PowerGen Corporation (MGEN) reduced its net loss by 96% from the same period last year to a net loss of only Php24 million in the first nine months of 2026. This period captured the start of MTerra Solar’s delivery of commissioning power in March and, eventually, first phase commercial operations in August.
Terra Solar Philippines, Inc. (TSPI), the company developing and operating MTerra Solar, posted Php1.1 billion in core net income for the first nine months of 2026.
This follows as MGENR’s flagship project MTerra Solar, the integrated solar and battery energy storage system power plant, recorded 623 gigawatt-hours (GWh) of energy sold as of 30 September 2026. The project has installed 1,701 megawatts (MW) of solar capacity under Phase 1 and 101 MW under Phase 2, alongside 825 MW of battery energy storage capacity equivalent to 3,300 megawatt-hours (MWh).
Although export capacity to the Luzon Grid is currently capped at 950 MW pending completion of transmission-related works, it is enough to meet 600MW Phase 1 requirement under its 850MW mid-merit Power Supply Agreement.
“The progress of MTerra Solar demonstrates how our investments are translating into operating capacity, energy delivery, and stronger financial performance. With Phase 1 now in commercial operations and contributing to the company’s earnings, we are focused on maximizing the value of our operating assets, expanding our renewable energy portfolio, and building a more sustainable earnings base,” said Emmanuel V. Rubio, President/CEO of MGEN and MGENR.
MGENR also approved a proposed share swap with MGEN Renewable Energy, Inc. (formerly known as MGreen) that will expand its portfolio of renewable energy assets. MGEN Renewable Energy, Inc. is a wholly owned subsidiary of MGEN, through which it holds a majority interest in MGENR.
Under the transaction, MGEN Renewable Energy, Inc. will transfer its shareholdings in Greenergy for Global Inc.; Greentech Solar Energy, Inc.; CACI Power Corporation; Nuevo Solar Energy Corporation; and PowerSource First Bulacan Solar Inc. to MGENR (formerly known as SPNEC) in exchange for approximately 3.1125 billion newly issued MGENR shares.
The transaction values the assets at Php4.98 billion and MGENR shares at Php1.60 per share, within the valuation range determined by an independent valuation specialist engaged by MGENR. The proposed share price represents a 30.08% premium over MGENR’s (PSE Stock Symbol: SPNEC) closing price of Php1.23 on 23 October 2026.
MGENR’s revenue base is expected to broaden as a result of the share swap through the addition of cash-generating operating assets, strengthening its position as MGEN’s primary listed renewable energy platform.
“This marks an important milestone in translating our investments into tangible operating and financial results. The share swap will further strengthen MGENR’s portfolio of operating assets, allowing us to build on these investments and create sustainable, long-term value for shareholders while supporting the country’s energy transition. As we begin to realize the fruits of our investments, we are positioning the company for its next phase of growth and reinforcing our commitment to advancing the Philippines’ renewable energy sector,” said Manuel V. Pangilinan, Chairman of Meralco and MGENR.
The consolidation of renewable energy assets under MGENR supports the development of a broader portfolio of operating assets and a more sustainable earnings base as MGEN advances its renewable energy ambitions, potentially enhancing its attractiveness for the future capital-raising activities, including a potential re-Initial Public Offering.
