Philippine solar firm MGEN Renewables Inc. proposes ₱4.98bn asset swap

MGEN Renewables Inc., the Philippine solar company formerly known as SP New Energy Corporation, approved a proposed share swap at its 27 October board meeting. The plan would bring MGEN Renewable Energy Inc.'s holdings in five renewable-energy companies into the listed business in exchange for about 3.1125 billion newly issued shares. The company disclosed the decision to the Philippine Stock Exchange on 28 October.

The proposed assets are stakes in Greenergy for Global, Greentech Solar Energy, CACI Power, Nuevo Solar Energy and PowerSource First Bulacan Solar. The listed company put their combined proposed value at ₱4.98 billion and valued the new shares at ₱1.60 each. The filing does not say the swap has closed or give a separate value for each holding.

The board also approved a possible capital route for Terra Solar Philippines, the company behind the MTerra Solar project. The listed company's wholly owned Terra Nueva unit plans to subscribe for ordinary and preferred shares worth up to ₱7.815 billion, subject to consent from Terra Solar's lenders and partner Actis. While those consents are pending, the listed company may inject up to ₱1.8825 billion directly if needed. Both figures are ceilings for conditional actions, not funds already spent.

MTerra already has an operating record relevant to that capital plan. The issuer said the project had sold 623 GWh of electricity and that its export capacity to the Luzon grid remains capped at 950 MW while transmission work continues. The issuer expects the swap to broaden the listed company's revenue base. For Philippine renewable developers and investors, the next evidence is whether the five holdings transfer and whether the lenders and Actis consent to the larger MTerra subscription.

Source: MGEN Renewables' PSE EDGE disclosure C07670-2026, filed 28 October 2026, reporting the 27 October board meeting.