SPNEC moves to change name to MGEN Renewable Energy

LISTED solar developer SP New Energy Corp. (SPNEC) is seeking approval to change its corporate name to MGEN Renewable Energy Holdings, Inc., as part of a planned rebranding.

In a regulatory filing on Thursday, SPNEC said its board of directors approved the amendment of the company’s articles of incorporation to reflect the change in its corporate name, stock symbol, and company logo.

“This is part and parcel of the gradual rollout and implementation of the overall branding strategy of the Meralco PowerGen Corporation Group,” SPNEC said.

The proposed changes remain subject to the approval of the company’s stockholders and the Securities and Exchange Commission.

SPNEC is a subsidiary of MGEN Renewable Energy, Inc., the renewable energy arm of Meralco PowerGen Corp. (MGEN), which in turn is a wholly owned subsidiary of Manila Electric Co. (Meralco).

The move follows SPNEC’s earlier disclosure clarifying that it is a separate entity from Solar Philippines Power Project Holdings, Inc., a company whose several renewable energy service contracts were terminated by the Department of Energy.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera