The group of businessman Manuel Pangilinan (Meralco) has no plans to acquire the remaining interest of businessman Leandro Leviste in SP New Energy Corp. (SPNEC) who is reportedly negotiating a stake sale to a foreign investor.
The listed renewable energy firm, which recently received approval to change its corporate name to MGEN Renewable Energy Holdings Inc., is already majority-controlled by the Meralco Group with a combined 60.53-percent stake. MGen Renewable Energy Inc. holds 57.33 percent, while Metro Pacific Investments Corp. owns 3.2 percent.
Solar Philippines Power Project Holdings Inc., led by Leviste, retains a 16.3-percent stake in the company.
Meralco PowerGen Corp. chairman Manuel Pangilinan said the group does not need to increase its position because it already holds the majority of SPNEC. He said Leviste is currently in talks with a foreign entity to unload his remaining shares.
“Lean is talking to a foreign investor to unload his shares. That’s all we know. Well, we don’t need to [increase stake] because we are majority already in SPNEC,” Pangilinan said.
Pangilinan said his group introduced the foreign investor to Leviste and believes the founder is serious about the sale.
SPNEC told the stock exchange in a disclosure on Thursday that any transfer of Leviste’s shares would not impact the capital structure or business operations of the company.
The firm confirmed that majority control and management would remain with MGEN Renewable Energy Inc. should the transaction materialize.
Leviste has resigned from the board of SPNEC and the board of Terra Solar, which is positioned to be the largest solar project in the country, citing personal reasons.
The corporate rebranding to MGEN Renewable Energy follows an announcement by the Department of Energy on the cancellation of nearly 12,000 megawatts of renewable energy contracts linked to Solar Philippines Power Project Holdings Inc. The agency also imposed fines totaling P24 billion related to those projects.
SPNEC said it is not liable for the P24 billion in penalties. The company said that only the 280-megawatt Sta. Rosa project among the canceled contracts falls under its current portfolio.
The firm noted that former management was awarded the Sta. Rosa capacity in the first round of the Green Energy Auction Program but has since filed a notice of force majeure.
The company cited reasons beyond its control for failing to meet the completion target set for December 2025.
MGen subsidiary MGen Renewable Energy Inc. previously acquired 10.8 billion shares for P13.8 billion, while MGen itself acquired 5.8 billion shares in 2024 from the firm led by Leviste.
