MGEN denies buying shares from Leviste’s SPBC

Meralco PowerGen Corporation (MGEN) has clarified that it did not acquire shares from Batangas 1st District Representative Leandro Leviste’s franchised solar company, Solar Para sa Bayan Corporation (SPBC), amid scrutiny over the alleged unauthorized transfer of a congressional energy franchise.

In a statement issued Sunday, MGEN said its investment was made in a separate and distinct entity—SP New Energy Corporation (SPNEC)—which was also founded by Leviste but operates independently of SPBC.

“MGEN did not acquire any share in SPBC, which was awarded a congressional franchise under Republic Act No. 11357 to construct, install, and operate microgrids in remote areas,” the company said.

MGEN disclosed that Leviste sold PHP 22.259 billion worth of shares to MGEN Renewables, the firm’s renewable energy subsidiary, through a series of transactions that occurred between late 2023 and early 2025.

MGEN emphasized that its investment in SPNEC did not violate any law or regulation.

“As a publicly listed entity, the transactions of SPNEC, including the entry of MGEN through its affiliates, have been scrutinized and approved by the Philippine Stock Exchange and the Securities and Exchange Commission,” the company said.

The clarification comes amid an ongoing investigation announced by Ombudsman Jesus Crispin Remulla into the alleged unauthorized transfer and sale of Leviste’s solar energy franchise—reportedly without congressional approval.

Leviste responded via social media, stating that he intends to address the allegations when Congress resumes session on January 26.

The House Committee on Legislative Franchises has yet to issue a formal comment on Remulla’s claims.

MGEN reaffirmed that SPNEC’s business operations are not dependent on the franchise granted to SPBC, and that it remains uninvolved in any of SPBC’s transactions or compliance matters.

“We hope this clarifies the issue and lays to rest the disinformation coming out especially in social media,” said Atty. Christer Gaudiano, MGEN Head for Sustainability, Corporate Communications, & External Affairs.