MGen eyes backdoor listing for renewable energy unit
Meralco PowerGen Corp. (MGen) might push for the backdoor listing of its renewable energy unit next year, as it prepares for a second mega solar park in Luzon.
MGen president and CEO Emmanuel Rubio said the group is currently focusing on strengthening MGen Renewable Energy, Inc. (MGreen) with more land.
In a recent chat with reporters, Rubio said the company had earlier acquired about 450 hectares of additional land in Nueva Ecija alone.
“And I guess when we actually merge all the assets under MGen Renewables, then it will create a lot more value,” he said.
“It’s going to be a lot more credible in terms of capacity and in terms of capability compared to where we are today. We want to really make it big,” he added.
Earlier this year, MGen confirmed the plan to list the renewable assets of MGreen. It had also tapped a pool of advisors “to assess and determine the feasibility and structure of such a transaction…”
The “right timing” is also when the group activates the first phase of the P200-billion Terra Solar project. This, Rubio said, would show investors that MGen is “capable of delivering on our promise.”
The first phase of the Terra Solar project has a target capacity of 2,500 megawatts (MW). It is expected to be finished by next year.
Thus, going public may advance by “the middle or third quarter of 2026,” the official said.
“Because we would also need funds, right?” Rubio said.
Since Terra Solar has already secured funding, the fresh capital would help support its future projects, Rubio said.
