Meralco PowerGen Corporation (MGEN) moved decisively to set the record straight, underscoring its commitment to transparency, regulatory compliance, and responsible investment as it clarified recent public discussions involving SP New Energy Corporation (SPNEC) and Solar Para Sa Bayan Corporation (SPBC).
In a statement released today, MGEN emphasized that SPNEC and SPBC are separate and distinct corporate entities, dispelling claims that have circulated online suggesting otherwise. MGEN categorically confirmed that it did not acquire any shares in SPBC, the company granted a congressional franchise under Republic Act No. 11357 to construct, install, and operate microgrids in remote areas.
The power generation arm of the Manuel V. Pangilinan Group further stressed that it is not involved in, nor privy to, any transactions or compliance matters related to SPBC’s franchise. Instead, MGEN’s participation is limited solely to its investment in SPNEC, a publicly listed renewable energy company.
Importantly, MGEN affirmed that its investment in SPNEC fully complies with all applicable laws and regulations. As a publicly listed entity, SPNEC’s transactions—including MGEN’s entry through its affiliates—underwent rigorous review and received approval from both the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC). This process reflects the high standards of governance and transparency expected of companies operating in the capital markets.
MGEN also clarified that SPNEC’s business and operations are not dependent on any congressional franchise, reinforcing the company’s independent and commercially sound footing in the renewable energy sector.
“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, and External Affairs.
As MGEN continues to expand its renewable energy portfolio, the company reiterated its focus on ethical business practices, regulatory compliance, and long-term value creation—positioning itself as a steady and credible player in the Philippines’ energy transition.