INQUIRER FILE PHOTO
MANILA, Philippines – Meralco PowerGen Corp. (MGen) is about to interact with advisors to discover the potential for a backdoor itemizing for its renewable power unit, a transfer that would assist supercharge its growth.
MGen is the ability technology arm of Manuel Pangilinan-led Manila Electrical Co. (Meralco).
In a disclosure to the native bourse on Friday, SP New Power Corp. (SPNEC)—the listed renewable power car of MGen—mentioned the group’s board had given the inexperienced mild to interact a pool of advisors “to evaluate and decide the feasibility and construction of such a transaction … ”
READ: MGen prompts Nueva Ecija photo voltaic farm
This occurs because the agency confirmed InsiderPH’s information report of MGen’s plan to listing the renewable belongings of MGen Renewable Power Inc. (MGreen).
Potential IPO
“SPNEC confirms that its mother or father, Meralco PowerGen Corp. (MGen), is evaluating the potential of conducting an preliminary public providing (IPO) of MGreen, which can embody the potential for injecting belongings to SPNEC,” it mentioned within the submitting.
SPNEC is main the development of a large photo voltaic park in Luzon, which is designed to have 3,500 megawatts (MW) of whole capability and an equally large 4,500 megawatt-hour battery power storage system.
MGreen has a internet sellable producing capability of 344.5 MW of pure clear power.
Juan Paolo Colet, managing director at China Financial institution Capital Corp., mentioned pursuing this “is smart … so that there’s only one listed firm housing all the renewable power enterprise of MGen.”
“That will entail conducting a follow-on providing inside a yr from completion of the asset injection, in order that might be an avenue for elevating fairness funding for MGreen’s initiatives,” Colet advised the Inquirer.
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