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SP New Energy Corporation (SPNEC) is a publicly listed renewable energy company in the Philippines, focused on the development, construction, and operation of renewable power generation facilities. In 2023, Meralco PowerGen Corporation (MGEN), through its renewable energy arm MGEN Renewable Energy, Inc. (MGEN Renewables), became the majority shareholder of SPNEC – supporting its role in advancing large-scale renewable energy development in the country.
As of 14 January 2026, SPNEC is 57.33% owned by MGEN Renewable Energy, Inc., 16.30% owned by Solar Philippines Power Project Holdings, Inc., and 3.20% owned by Metro Pacific Investments Corporation.
PowerSource First Bulacan Solar Inc. (PFBSI), also known as Bulacan Solar (previously BulacanSol), owns a 55 MWac solar power plant located in San Miguel, Bulacan which commenced commercial operations on May 12, 2021. The 72-hectare solar power station marked the start of MGEN’s energy transition – providing clean and renewable power to the Luzon grid.
Nuevo Solar Energy Corporation (NSEC) operates a 68.7 MWac solar power plant in Currimao, Ilocos Norte.
PH Renewables, Inc. (PHRI), also known as Baras Solar operates an 80.1 MWac solar plant in Baras, Rizal – the province’s first and only solar farm.
Greentech Solar Energy, Inc. (GSEI), also known as Bongabon Solar, operates a 19.8 MWac solar power plant in Bongabon, Nueva Ecija. The project was awarded under the Department of Energy’s Green Energy Auction 2 (GEA-2) program and holds the distinction of being the first GEA-2 project completed 6 months ahead of schedule
Greenergy for Global Inc. (GGI), also known as Cordon Solar, operates a 52.7 MWac solar power plant in Cordon, Isabela. This project was likewise awarded under the DOE’s GEA-2 program and was 4 months completed ahead of schedule.
Solar Philippines Tarlac Corporation (SPTC) operates a 82.5 MWac solar plant in Concepcion, Tarlac. SPTC is a wholly owned subsidiary of SPNEC.
Solar Philippines Calatagan Corporation (SPCC) operates a 49.7 MWac solar plant in Calatagan, Batangas. SPCC is a wholly owned subsidiary of SPNEC.
LagunaSol Corporation (LagunaSol) – a wholly owned subsidiary of MGEN Renewables – develops, constructs, and operates solar power generation facilities. It is currently developing a 120 MW solar facility in Concepcion, Iloilo which helps expand renewable energy capacity in Visayas.
Terra Solar Philippines, Inc. (MTerra Solar) is developing one of the country’s largest solar facilities which includes a 3,500 MWp solar power plant coupled with a 4,500 MWhr batter energy storage system. This project secured an 850 MW Mid-Merit Power Supply Agreement from Meralco and is envisioned to deliver clean, renewable, and sustainable energy starting 2026.
MTerra Solar secured Green Lane Certification from the Board of Investments (BOI) on 5 August 2024.
The awarding of the Green Lane Certificate comes after the Terra Solar Project received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE) last 23 July 2024. The project is set to be completed in two phases: the first phase is expected to finish in 2026 and the second phase in 2027.
On September 2024, MTerra Solar entered a strategic partnership with UK-based investment firm — Actis. The transaction serves as the largest greenfield foreign direct investment for an infrastructure project in the Philippines to date. MTerra Solar also awarded the Engineering, Procurement, and Construction (EPC) contract to China Energy Engineering Corporation (Energy China) and Power Construction Corporation of China (POWERCHINA). MTerra Solar also engaged Meralco Industrial Engineering Services Corp. (MIESCOR) to link the flagship solar development to the Luzon power grid. This 3,500-hectare project officially broke ground last 21 November 2024.
