MGEN Renewables Inc., also known as SP New Energy Corp., is preparing for a potential second public share offering following a nearly P5-billion asset transaction aimed at expanding its renewable energy portfolio. The proposed deal is expected to strengthen the company’s position in the renewable energy market and broaden its business beyond the world’s largest single-site solar and battery energy storage project.
The assets involved in the transaction are valued at P4.98 billion, with shares priced at P1.60 each. This represents a 30% premium over MGEN Renewables’ closing share price of P1.23 on October 23. The transaction would provide the company with additional income-generating assets, supporting its efforts to strengthen its financial position and expand its renewable energy operations.
According to a regulatory filing submitted on Wednesday, the proposed asset deal is part of the company’s broader strategy to prepare for a potential second initial public offering (IPO). The transaction is expected to enhance its investment appeal by increasing the scale of its asset portfolio and improving its ability to generate recurring income.
The deal would also reinforce MGEN Renewables’ role as the principal listed renewable energy business of Meralco PowerGen, the power generation arm of Manila Electric Company (Meralco). By adding more operational assets, the company aims to establish a stronger platform for future growth and attract larger institutional investors.
The potential second IPO would provide an opportunity to expand its investor base and support its longer-term renewable energy ambitions. The proposed transaction highlights MGEN Renewables’ efforts to build a broader portfolio of income-generating clean energy assets while strengthening its presence in the Philippines’ growing renewable energy sector.
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