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Brix Lelis - The Philippine Star
January 13, 2026 | 12:00am
In a statement, MGEN said it did not acquire any shares in Solar Para Sa Bayan Corp. (SPBC), which was granted a congressional franchise in 2019 to build, install and operate distributed energy resources and microgrids in remote areas.
STAR / File
MANILA, Philippines — Meralco PowerGen Corp. (MGEN) has clarified that its investment in SP New Energy Corp. (SPNEC) is entirely unrelated to the legislative franchise granted to another solar firm founded by businessman-turned-politician Leandro Leviste.
In a statement, MGEN said it did not acquire any shares in Solar Para Sa Bayan Corp. (SPBC), which was granted a congressional franchise in 2019 to build, install and operate distributed energy resources and microgrids in remote areas.
The power generation arm of Pangilinan-led Manila Electric Co. (Meralco) also stressed that it has no involvement in SPBC’s transactions and is not aware of any matters concerning the latter’s compliance with its franchise.
“We hope this clarifies the issue and lays to rest the disinformation coming out, especially on social media,” said Christer Gaudiano, head for sustainability, corporate communications and external affairs at MGEN.
The statement was issued in response to speculation that the Meralco Group obtained SPBC’s franchise through its investment in SPNEC, which was also founded by Leviste.
The Meralco Group assumed control of SPNEC in December 2023 after acquiring P15.9 billion worth of shares through its renewable power arm, MGEN Renewable Energy Inc. (MGreen).
Leviste, son of Sen. Loren Legarda, sold an additional P13.76 billion worth of SPNEC shares to MGreen through a block sale in October last year. The divestment came after Leviste was elected congressman of Batangas’ first district in May.
MGEN, in its statement, emphasized that SPNEC’s business and operations are completely independent of SPBC’s franchise.
Currently, SPNEC is developing the P200-billion MTerra Solar project across Nueva Ecija and Bulacan, which could be the world’s largest integrated solar facility upon full completion in 2027.
