MANILA, Philippines – SP New Energy Corporation (SPNEC), now controlled by tycoon Manuel V. Pangilinan, is rebranding to MGEN Renewable Energy Holdings (MGENR) amid heightened scrutiny over its links to its previous owner, Batangas 1st District Representative Leandro Leviste.

In a disclosure to the Philippine Stock Exchange on Thursday, January 22, SPNEC said its board of directors approved the rebranding to MGENR and the change of its stock symbol. The rebrand is currently pending approval from the Securities and Exchange Commission (SEC).

SPNEC also informed the investing public that it has amended its articles of incorporation and by-laws to reflect this change.

“This is part and parcel of the gradual rollout and implementation of the overall branding strategy of the Meralco PowerGen Corporation Group,” the company wrote. 

The rebrand comes amid heightened scrutiny over Leviste’s ties to the firm. Although Leviste sold his controlling stake in SPNEC to Pangilinan’s MGen Renewable Energy Incorporated in October for P13.8 billion, the businessman-turned-politician retains ownership over SPNEC’s parent firm, Solar Philippines Power Project Holdings Incorporated (SPPPHI).

The neophyte congressman also remains vice chair of SPNEC’s board.

The Department of Energy (DOE) earlier slapped some P24 billion in penalties on Solar Philippines for failing to deliver some 12,000 megawatts in renewable energy projects that were due to come on stream in 2024 and 2025.

Ombudsman Boying Remulla has accused Leviste of making billions of pesos from the alleged sale of a congressional franchise to Pangilinan.

Leviste has since denied the allegations as Solar Para sa Bayan – another Solar Philippines subsidiary that was granted a franchise – stopped operations in 2022.

He clarified that the SPNEC was a separate entity from Solar Para sa Bayan, and the former has no congressional franchise.

Even then, SPNEC took over DOE contracts of other Solar Philippines subsidiaries, such as the Sta. Rosa, Nueva Ecija solar power project awarded to Solar Philippines Commercial Rooftop Projects. – Rappler.com