Pasig City, Philippines – 18 January 2026 — SP New Energy Corporation (SPNEC) wishes to clarify that it is not liable to pay the Php 24 billion penalties quoted by the Department of Energy (DOE) for the terminated service contracts of Solar Philippines.
Of the 12,000 MW worth of contracts that have been terminated, only one — the 280 MW Sta. Rosa project — is under SPNEC.
The former management of the Sta. Rosa project offered and was awarded 280 MW in the first round of the Green Energy Auction Program of the DOE. This project already filed a notice of force majeure with the DOE last year, citing reasons beyond its control that prevented it from completing the project by its target date of December 2025.
MGEN Renewables has demonstrated a strong execution track record, having completed two projects ahead of schedule under the Department of Energy’s second Green Energy Auction (GEA-2) program.
These include the 19.8 MWac MGEN Renewables Bongabon Solar Project in Nueva Ecija, completed at least six months ahead of schedule, and the 52.8 MWac MGEN Renewables Cordon Solar Project in Isabela, completed four months ahead of schedule.
Today, MGEN operates seven (7) solar sites across the country with more than 400 MW of total capacity.
It is also currently building the MTerra Solar Project, which is touted as one of the biggest solar projects in the world, with 3,500 MWp of solar capacity integrated with 4,500 MWh of energy storage.
About SP New Energy Corporation (SPNEC)
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.
About Meralco PowerGen Corporation (MGEN)
Meralco PowerGen Corporation (MGEN) operates a diverse portfolio of power generation assets equipped with advanced technologies.
Its main subsidiaries include Global Business Power (MGEN Thermal), MGEN Renewable Energy Inc. (MGEN Renewables), and MGEN Gas Energy Holdings, Inc. (MGEN Natural Gas).
Additionally, MGEN holds stakes in PacificLight Power (PLP), a liquefied natural gas facility in Singapore, and SP New Energy Corporation (SPNEC), a renewable energy company.
Recently, MGEN has invested a 40.2% stake in an integrated LNG facility in Batangas, Philippines.
Across its portfolio, MGEN has a combined net sellable capacity of 5,079.2 MW from traditional and renewable sources as of October 2025.
To know more about MGEN and its subsidiaries, please visit mgen.com.ph and follow us on LinkedIn.
Contact
Jacqueline Gorospe
Corporate Communications and Branding Head
Meralco PowerGen Corporation (MGEN)
+63 918 979 3173
jsgorospe@mgen.com.ph
Atty. Christer A. Gaudiano
Sustainability, Communications, & External Affairs Head
Meralco PowerGen Corporation (MGEN)
+63 939 935 1297
cjragaudiano@mgen.com.ph
