SP New Energy Corp. (SPNEC) on Friday said that its board of directors has approved the change of its corporate name as the Meralco group continues to implement its rebranding initiatives.
In a disclosure to the Philippine Stock Exchange, the company said that on Jan. 21, its board of directors voted in favor of amending the First Article of the Company’s Articles of Incorporation for the purpose of changing its corporate name from "SP New Energy Corp." to "MGEN Renewable Energy Holdings Inc."
The reason for the rebranding is to align with the parent company, the Meralco PowerGen Corp. (MGEN) and consolidate its renewable energy portfolio without changing ownership.
MGEN acquired a controlling stake of SPNEC in 2024.
The change in corporate name will supersede the previous board approval on the same matter, subject to the approval of the Securities and Exchange Commission (SEC).
The company's board also approved the reclassification of some of its shares and the creation of new ones in preparation for a possible future transaction.
As SPNEC, the company is behind the massive Terra Solar project, which was previously started by Leandro Leviste who stepped down in 2026 to pursue other ventures. MGEN is now the ultimate controlling parent.
Under its new identity, MGEN Renewables is expected to continue operations as a key part of MGEN's expansion plans.
