Meralco PowerGen Corp. (MGEN) moved to dispel mounting speculation over its renewable energy investments, stressing that its stake in SP New Energy Corp. (SPNEC) has no connection to the solar franchise held by Solar Para Sa Bayan Corp. (SPBC), a company linked to the Leviste group.
MGEN clarified that SPNEC and SPBC are “separate and distinct” corporate entities, countering claims circulating online that its investment indirectly involved SPBC’s congressional franchise. That franchise, granted under Republic Act 11357, authorizes SPBC to construct, install, and operate microgrids in remote and unserved areas of the country.
“MGEN did not acquire any share in SPBC,” the company said, adding that it is not privy to SPBC’s transactions or to any circumstances related to the latter’s compliance with its franchise. As such, MGEN emphasized it has no involvement—direct or indirect—in SPBC’s operations.
The company further underscored that its investment in SPNEC did not breach any law or regulation. SPNEC is a publicly listed firm, and all transactions related to MGEN’s entry through its affiliates were reviewed and approved by both the Philippine Stock Exchange and the Securities and Exchange Commission.
MGEN also pointed out that SPNEC’s business and operations do not rely on the franchise awarded to SPBC, reinforcing the independence of the two companies’ projects and regulatory standing.
The clarification comes amid heightened scrutiny of power sector investments and a surge of commentary on social media questioning corporate links and compliance. MGEN said the narrative conflating the two entities was inaccurate and misleading.
“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, and External Affairs.
MGEN reiterated its commitment to transparency as it continues to expand its renewable energy portfolio in line with regulatory requirements and market disclosures.
