MGEN Renewables Targets First Annual Profit as MTerra Solar Powers Growth

MGEN Renewables, Inc. (MGENR), formerly SP New Energy Corporation (SPNEC), is entering a new chapter of growth as its flagship MTerra Solar project begins delivering significant financial contributions, positioning the company to achieve its first full-year profit in 2026.

Following the Securities and Exchange Commission’s approval of its corporate name change, the publicly listed renewable energy company expects to generate approximately ₱700 million in net income this year, a remarkable turnaround from its ₱4.1-billion net loss in 2025.

The improving outlook reflects the growing contribution of MTerra Solar, one of the country’s major integrated solar power and battery energy storage developments.

During the first nine months of 2026, MGENR reduced its net loss by 96% to just ₱24 million. Meanwhile, Terra Solar Philippines, Inc. (TSPI), the company behind MTerra Solar, recorded ₱1.1 billion in core net income during the same period.

The project began delivering commissioning power in March before commencing its first phase of commercial operations in August. By September 30, MTerra Solar had sold 623 gigawatt-hours of electricity.

Its expanding infrastructure includes 1,701 megawatts of installed solar capacity under Phase 1, another 101 megawatts under Phase 2, and 825 megawatts of battery energy storage capacity equivalent to 3,300 megawatt-hours.

Although electricity exports to the Luzon Grid remain temporarily limited to 950 megawatts pending transmission improvements, the available capacity is sufficient to meet the project’s 600-megawatt Phase 1 requirement under its power supply agreement.

Emmanuel V. Rubio, President and CEO of MGEN and MGENR, emphasized that the project’s progress demonstrates how renewable energy investments are beginning to deliver measurable operational and financial results.

“With Phase 1 now in commercial operations and contributing to the company’s earnings, we are focused on maximizing the value of our operating assets, expanding our renewable energy portfolio, and building a more sustainable earnings base,” Rubio said.

Expanding the Renewable Energy Portfolio

Beyond MTerra Solar, MGENR is preparing for another significant development through a proposed ₱4.98-billion share swap with MGEN Renewable Energy, Inc., formerly MGreen.

The transaction involves transferring ownership interests in five renewable energy companies to MGENR in exchange for approximately 3.1125 billion newly issued shares.

The agreement values MGENR shares at ₱1.60 each, representing a 30.08% premium over the company’s October 23, 2026 closing price of ₱1.23.

The proposed consolidation is expected to broaden MGENR’s revenue sources by bringing additional operating renewable energy assets into its portfolio.

Manuel V. Pangilinan, Chairman of Meralco and MGENR, described the development as an important milestone in transforming renewable energy investments into sustainable business growth.

“The share swap will further strengthen MGENR’s portfolio of operating assets, allowing us to build on these investments and create sustainable, long-term value for shareholders while supporting the country’s energy transition,” Pangilinan said.

Building a Cleaner Energy Future

The company’s transformation comes as the Philippines continues to pursue greater energy security, cleaner electricity generation, and a more diversified power supply.

With MTerra Solar contributing to earnings and additional renewable energy assets potentially joining its portfolio, MGENR aims to strengthen its position as Meralco PowerGen Corporation’s primary publicly listed renewable energy platform.

The expansion could also support future capital-raising opportunities, including a potential re-initial public offering.

For MGENR, 2026 represents more than a possible return to profitability. It marks a transition from large-scale project development toward commercial operations, financial sustainability, and long-term participation in the country’s renewable energy future.

As the company advances its investments, MTerra Solar stands at the center of its ambition to help power Philippine communities and industries through cleaner, more reliable energy.