BUSINESS
Advocates Philippines
MGEN Clears The Air On SPNEC Deal; Denies Link To Leviste's Solar Franchise
Photo credit: Power Philippines
MANILA — Meralco PowerGen Corporation (MGEN) moved to set the record straight on its investment in SP New Energy Corporation (SPNEC), stressing that the deal has nothing to do with the solar franchise held by Solar Para Sa Bayan Corporation (SPBC).
In a clarification released today, MGEN emphasized that SPNEC and SPBC are entirely separate and distinct corporate entities. The company said it did not acquire any shares in SPBC, the firm granted a congressional franchise under Republic Act 11357 to build, install, and operate microgrids in remote areas.
MGEN also made clear that it has no involvement in SPBC’s business dealings or its compliance with the terms of its franchise.
According to the company, its investment in SPNEC fully complies with existing laws and regulations. As a publicly listed firm, SPNEC’s transactions — including MGEN’s entry through its affiliates — underwent review and approval by both the Philippine Stock Exchange and the Securities and Exchange Commission.
MGEN further noted that SPNEC’s business operations do not rely on the franchise awarded to SPBC, countering claims circulating online that suggest otherwise.
“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.
The clarification comes amid renewed scrutiny on renewable energy investments and their perceived links to politically granted franchises, an issue that has sparked debate across social media platforms in recent days.
In a clarification released today, MGEN emphasized that SPNEC and SPBC are entirely separate and distinct corporate entities. The company said it did not acquire any shares in SPBC, the firm granted a congressional franchise under Republic Act 11357 to build, install, and operate microgrids in remote areas.
MGEN also made clear that it has no involvement in SPBC’s business dealings or its compliance with the terms of its franchise.
According to the company, its investment in SPNEC fully complies with existing laws and regulations. As a publicly listed firm, SPNEC’s transactions — including MGEN’s entry through its affiliates — underwent review and approval by both the Philippine Stock Exchange and the Securities and Exchange Commission.
MGEN further noted that SPNEC’s business operations do not rely on the franchise awarded to SPBC, countering claims circulating online that suggest otherwise.
“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.
The clarification comes amid renewed scrutiny on renewable energy investments and their perceived links to politically granted franchises, an issue that has sparked debate across social media platforms in recent days.
Jan 11, 2026
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