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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.
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.
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.