BATANGAS 1st District Rep. Leandro Leviste has resigned from the boards of SP New Energy Corp. and subsidiary Terra Solar Philippines amid increased scrutiny of his business interests.
Listed SP New Energy told the stock exchange that Leviste had stepped down due to personal reasons, while Terra Solar, in a statement, said the move would strengthen its leadership as the company prepares to connect a flagship solar power project to the grid.
Emmanuel Rubio, president and CEO of Meralco PowerGen Corp. (MGEN) that bought Leviste’s controlling stake in SP New Energy in 2024, will assume the Terra Solar board seat.
“This transition marks a natural progression for Terra Solar Philippines Inc. as the project approaches the commissioning stage. Strengthening board leadership at this point in time ensures closer alignment between strategic oversight, system integration and operational execution,” Rubio said.
A day earlier, SP New Energy said that it was planning to change its name to MGEN Renewable Energy Holdings Inc. to unify the identity of MGEN’s renewable energy portfolio.
An analyst said the move could be part of a backdoor listing plan but added that “the timing may have also been prompted by a need to distance the company from the controversy surrounding Leandro Leviste’s Solar Philippines.”
The Department of Energy announced last week that it was seeking P24 billion in penalties from Leviste’s Solar Philippines Project Holdings Inc. for failing to meet commitments to the government.
Energy Secretary Sharon Garin has said that Leviste was also guilty of conflict of interest as he did not divest from his businesses after being elected to Congress.
The lawmaker, who represents the first district of Batangas, has also come under fire over claims that he has evidence related to a flood control project scandal at the Department of Public Works and Highways.
Terra Solar is currently completing the MTerra Solar project in Nueva Ecija and Bulacan, a 3,500-megawatt-peak facility coupled with a 4,500-megawatt-hour battery energy storage system that is expected to enter its operational phase this year.
MGEN said that a 500-kilovolt substation had been connected to the grid, and that phase one energization would begin this quarter, with output to be ramped up to 1,500 megawatts by August.
SP New Energy’s shares fell by 4 centavos, or 3.08 percent, to P1.26 apiece on Friday while those of ultimate parent firm Manila Electric Co. also slid by P7, or 1.19 percent, to P583 amid a 1.02-percent drop for the benchmark Philippine Stock Exchange index.
