Villanueva, Misamis Oriental — SPI Power Incorporated (SPI), formerly known as STEAG State Power Inc., officially launched its new company name and logo on 16 January 2025, marking a significant milestone in its journey as one of Mindanao’s leading energy providers.
This change follows a significant ownership restructuring that commenced in 2023 after Aboitiz Power Corporation (AP) acquired the majority stake from the German company STEAG GmbH.
Established to own, operate, and maintain Mindanao’s first coal-fired power plant within the PHIVIDEC Industrial Estate, SPI’s 232-megawatt facility has been a dependable power source since 2006.
Operating under a 25-year Build-Operate-Transfer (BOT) agreement with the National Power Corporation (NPC) and Power Sector Assets and Liabilities Management Corporation (PSALM), SPI continues to play a vital role in energy security and economic progress in the region.
SPI Senior Management maintains that the rebranding reflects the company’s transformation, continued dedication to excellence, and commitment to delivering power efficiently, reliably, and responsibly.
