SP New Energy Corp. (SPNEC), the renewable energy subsidiary of Meralco PowerGen Corp. (MGEN), has filed an application with the Securities and Exchange Commission (SEC) to change its corporate name to MGEN Renewable Energy Holdings Inc. and its stock ticker to MGENR.
SP New Energy, previously majority owned and operated by Solar Philippines Power Project Holdings Inc. led by Batangas Rep. Leandro Leviste, said in a filing on Thursday that the proposed name change was part of an MGEN rebranding initiative launched in August 2025.
It said the initiative aimed to unify the identity of the company’s diversified power generation portfolio, including renewable energy, under the “One MGEN” brand. MGEN is the power generation arm of Manila Electric Co.
SP New Energy said the proposed name change would also enhance clarity and ease of identification for stakeholders. It emphasized that the move would not involve any changes to its ownership structure, operations or existing renewable energy projects.
It said normal operations would continue while awaiting approval of the name change by stockholders and the SEC.
Juan Paolo Colet, managing director at Chinabank Capital Corp., said the move was a strong indication that MGEN intended to proceed with a backdoor listing of its renewable energy business.
“The timing may have also been prompted by a need to distance the company from the controversy surrounding Leandro Leviste’s Solar Philippines,” he added.
The Department of Energy this month said that it was imposing a P24-billion penalty against Solar Philippines for failing to meet construction deadlines as part of a broader move to purge non-performing renewable energy service contracts.
SP New Energy shares surged P0.17, or 15.04 percent, to close at P1.30 each on Thursday.
