MGEN denies buying stake in Leviste’s solar venture

Meralco PowerGen Corp. (MGEN) said on Sunday that it did not buy shares from Batangas 1st District Representative Leandro Leviste’s solar firm, Solar Para sa Bayan Corp. (SPBC).

According to Jonathan Andal’s report on 24 Oras Weekend, MGEN clarified that it invested in SP New Energy Corp. (SPNEC), which was also founded by Leviste but is a separate entity from SPBC.

SPBC was the company granted a 25-year congressional franchise.

“Magkaibang kumpanya po ito. Ang MGEN po ay hindi kumuha or nagmamay-ari ng anumang karapatan, pribilehiyo o interes na may kaugnayan sa prangkisa ng Solar Para sa Bayan. Bukod dito, ang mga negosyo at operasyon ng SPNEC ay hindi nakasalalay sa nasabing prangkisa,” said MGEN head for Sustainability, Communications, and External Affairs Christer Gaudiano.

(These are different companies. MGEN did not acquire and does not own any rights, privileges, or interests related to the Solar Para sa Bayan franchise. Furthermore, the business and operations of SPNEC are not dependent on the said franchise.)

MGEN said Leviste sold P22.259 billion worth of shares to MGEN Renewables, MGEN’s renewable energy subsidiary. The transactions took place from late 2023 to early 2025, the report added.

In a separate statement, MGEN said it “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.”

MGEN added 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,” it said.

Ombudsman Jesus Crispin Remulla earlier said an investigation is ongoing into the alleged transfer and sale of Leviste’s solar energy franchise, which he claimed lacked congressional approval.

Leviste, meanwhile, said in a social media post that he would address the allegations when Congress resumes session on January 26.

The House Committee on Legislative Franchises has yet to comment on Remulla’s statement.—Vince Angelo Ferreras/MCG, GMA Integrated News