.png){kind=logo}
2 months ago
38
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Brix Lelis - The Philippine Star
January 24, 2026 | 12:00am
In a stock exchange filing yesterday, SPNEC disclosed that Leviste resigned from the board of directors effective immediately for “personal reasons.”
MANILA, Philippines — Amid controversies involving his solar venture, businessman-turned-politician Leandro Leviste has stepped down from the board of SP New Energy Corp. (SPNEC) and its unit Terra Solar Philippines Inc. (MTerra Solar).
In a stock exchange filing yesterday, SPNEC disclosed that Leviste resigned from the board of directors effective immediately for “personal reasons.”
The Batangas congressman also left his seat on the MTerra Solar board on Jan. 20, with Meralco PowerGen Corp. (MGEN) president and CEO Emmanuel Rubio taking over last Wednesday.
The board reorganization comes as MTerra Solar advances toward commercial operations for the initial phase of its P200-billion integrated solar farm spanning Nueva Ecija and Bulacan.
“Strengthening board leadership at this stage ensures closer alignment between strategic oversight, system integration and operational execution as we move toward delivering clean, reliable power to the grid,” Rubio said.
MTerra Solar is currently developing a 3,500-megawatt solar farm equipped with a 4,500-MW-hour battery energy storage, which could be the largest of its kind in the world upon full completion next year.
The company is gearing up for the project’s operational phase this year after being integrated into the grid via the Nagsaag-San Jose power transmission line.
Phase 1 is set to begin energization this quarter, with output ramping up to 1,500 MW by August.
Tycoon Manuel V. Pangilinan’s Meralco Group took over MTerra Solar in 2023 after acquiring a controlling stake in SPNEC from Solar Philippines Power Project Holdings Inc. (SPPPHI) founded by Leviste.
The transaction was carried out through MGEN Renewables (MGreen), the renewable energy (RE) arm of MGEN.
SPPPHI still owns 16.3 percent of SPNEC, while the Meralco Group holds a commanding stake of 57.33 percent through MGreen. The remaining shares are owned by public investors.
Last Thursday, SPNEC filed an application to change its corporate name to MGEN Renewable Energy Holdings Inc., a step market observers believe is intended to distance itself from SPPPHI.
Recently, SPPPHI was caught up in a sweeping crackdown on RE service contracts for failing to deliver on its commitments, with the Department of Energy (DOE) imposing a P24-billion penalty.
The termination affected SPPPHI’s 33 deals with a combined capacity of over 11,400 MW, or about 64 percent of the total potential output of all service contracts terminated in 2024 and 2025.
Energy Secretary Sharon Garin said the DOE consistently reached out to SPPPHI regarding its contracts, but the company failed to respond.
Leviste, meanwhile, pointed to government red tape as a reason his projects stalled.
