MGreen’s Strategic Move: Completing P15.9B Investment in SPNEC, Pangilinan Assumes Leadership

Meralco Powergen Corp.’s renewable energy division, MGen Renewable Energy Inc. (MGreen), has finalized a significant P15.9-billion investment in SP New Energy Corp. (SPNEC), founded by Leandro Leviste. This investment involved MGreen settling a P8.9-billion balance, acquiring a substantial number of SPNEC’s common and preferred shares. This move positions MGreen as the controlling shareholder of SPNEC, with a total voting interest of 50.5%.

Subsequent to this acquisition, SPNEC’s board appointed businessman Manuel V. Pangilinan as chairman, president, and CEO, with Leviste serving as the vice-chairman. SPNEC, currently majority-owned by Leviste’s Solar Philippines Projects Holdings Inc. (SPH), is developing a notable solar and battery project in Nueva Ecija. This project, estimated to be around Php 200 billion in total investment, is expected to be one of the largest solar projects globally, featuring 3.5 gigawatts of solar panels and 4,000 GWh of battery energy storage systems. This development has garnered significant interest from foreign investors and is seen as transformative for the Philippines​​.