Manuel V. Pangilinan is giving Leandro Leviste’s old solar crown jewel quite the makeover. First, shed the SPNEC name. Next, bring in nearly P5 billion worth of other renewable energy businesses.

And perhaps, pitch the shiny new thing to stock market investors all over again.

SP New Energy Corporation (SPNEC) is now officially MGEN Renewables Inc., (MGENR) after securing Securities and Exchange Commission approval on Monday, October 26; its stock ticker is also set to change to MGENR.

Officially, the renaming is part of the Meralco group’s broader rebranding strategy. Conveniently, it also removes a reminder of Solar Philippines, the controversial empire Leviste built before Pangilinan’s group took control.

And there’s quite a history behind SPNEC.

**FROM SPNEC to MGENR.** This Rappler diagram shows the ownership of the rebranded solar company as of September 1, 2026 and before the proposed share swap. Diagram by Raphael Reyes/Rappler.

Leviste made his fortune assembling landholdings and securing solar development rights that attracted deep-pocketed investors, including Pangilinan himself. Industry sources that Rappler spoke with describe the young billionaire as a talented “flipper.”

But getting the rights to build solar farms and actually getting them built are two different businesses.

The Department of Energy (DOE) terminated 33 contracts tied to Leviste’s wider Solar Philippines group, covering around 11,400 megawatts of proposed capacity, and sought around P24 billion in financial obligations. His camp disputes the claims.

While much of the P24-billion mess relates to Leviste’s other companies, SPNEC is dragged into this too.

In a December 23, 2025 letter seen by Rappler, Energy Secretary Sharon Garin terminated the service contract for SPNEC’s 280-megawatt Santa Rosa Nueva Ecija 2 project and demanded P10.34 billion.

The DOE cited missed work-program commitments, an unrenewed performance bond, and missing documents, including a feasibility study and proof of land rights. Most of the demand came from P12.38 billion in work-program commitments, less P2.04 billion credited for reported accomplishments.

MGEN insists SPNEC is legally separate from Solar Philippines and not liable for the wider group’s P24 billion obligation. But it acknowledges that Santa Rosa belongs to SPNEC and says that it invoked force majeure over transmission delays and sought reconsideration.

Separately, Leviste and his mother, Senator Loren Legarda, face graft and plunder complaints involving solar contracts awarded to Leviste-linked companies. Both deny wrongdoing.

Leviste himself has kept his distance from his now Meralco-controlled company, resigning from the board in January and cashing out P3-billion worth of shares, leaving his holding company with an 11.51% stake.

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New name, new MGENR

So, what’s next for MGENR?

On Tuesday, October 27, MGEN Renewables’ board approved a proposed P4.98-billion deal to take in stakes in five solar businesses from its controlling shareholder, MGEN Renewable Energy Inc., another Meralco subsidiary.

The companies have interests in operating solar plants across Luzon:

Greenergy for Global Inc. – 52.7-megawatt solar plant in Isabela
Greentech Solar Energy Inc. – 19.8-megawatt solar plant in Nueva Ecija
CACI Power Corporation – Linked to an 80.1-megawatt solar plant in Rizal
Nuevo Solar Energy Corporation – 68.7-megawatt solar plant in Ilocos Norte
PowerSource First Bulacan Solar Inc. – 55-megawatt solar plant in Bulacan

Instead of paying cash, MGEN Renewables will issue around 3.1 billion new shares to its controlling shareholder. If completed, the share swap deal would strengthen Meralco’s control while further diluting Leviste and other investors.

Then comes the more intriguing possibility, a “re-IPO” targeted for March 2027.

Since Leviste already took SPNEC public in 2021, this would be another share offering in the now bigger company under Meralco’s control, rather than a second listing. Nothing has been finalized.

This time, there’s more to show investors. Its P200-billion MTerra Solar project began commercial operations in August, while MGEN Renewables forecasts P774 million in profit for 2026, reversing a P4.1-billion loss in 2025.

The group also plans to invest up to another P7.815 billion in Terra Solar, subject to lender and investor approvals. – Rappler.com

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[Vantage Point] As Leandro Leviste cashes out of SPNEC, his private companies remain at the table

New name, new MGENR

Who comes after MVP? Pangilinan has successors in mind.

Goodbye, SPNEC: MVP rebrands Leviste’s solar firm, lines up P5-B deal