Meralco eyes REIT listing to fund renewable energy projects

Meralco PowerGen Corp. (MGEN) is considering a Real Estate Investment Trust (REIT) offering as a way to fund its expanding project portfolio.

This move aims to raise equity by leveraging the value of land assets where renewable energy projects are situated.

MGEN is also exploring a backdoor listing for its renewable energy unit, MGEN Renewables, through its affiliate SP New Energy Corp. (SPNEC).

MGEN President and CEO Emmanuel V. Rubio stated that the REIT listing is one of the options being explored.

The company is beefing up MGEN Renewables with more land and targets the second half of 2026 for the unit's listing.

Mr. Rubio feels the right timing for investors to know MGEN's capability is when the first phase of Terra Solar is delivered.

MGEN operates a portfolio of power generation assets with a total net sellable capacity of over 5,068 megawatts (MW).