SP New Energy Corporation (SPNEC) has clarified that it is aware that minority shareholder and Batangas 1st District Representative Leandro Leviste is considering selling his remaining shares in the company to a third party, but said it has no specific details on the potential transaction.

In a clarification letter to the Philippine Stock Exchange, SPNEC emphasized that any transfer of Leviste’s remaining equity would not materially affect the company’s capital structure or operations, as majority control and management remain with MGEN Renewable Energy, Inc. (MGEN), Meralco’s renewable energy unit. The firm reaffirmed that it has no immediate involvement in purchasing Leviste’s shares.

Meralco CEO and chairman Manuel V. Pangilinan told reporters this week that while the company facilitated introductions to a potential foreign partner, Meralco has no interest in buying Leviste’s remaining shares. 

“We don’t need to take the shares because we are the majority already. I think he’s fairly serious about selling,” Pangilinan said. He declined to provide a timeline for the talks, which depend entirely on negotiations between Leviste and an unnamed investor.

The development follows a period of structural change for SPNEC. Founded by Leviste, the company was rebranded as MGEN Renewable Energy Holdings last year to integrate it with Meralco’s broader renewable energy portfolio. The rebranding also aligns with Meralco’s goal to stabilize operations and expand renewable capacity, with MGEN currently managing a net sellable capacity of 5,079 MW across conventional and renewable assets.

Leviste, who resigned from the SPNEC board last month, stepped down after MGEN, under the chairmanship Pangilinan, increased its stake in SPNEC over the past two years to a controlling interest of nearly 70% through block purchases of Leviste’s shares totaling billions of pesos.

Leviste’s departure also comes amid regulatory scrutiny and contractual penalties, including show-cause orders and contract terminations on some of his earlier solar ventures–unrelated to SPNEC–tied to alleged operational lapses, permit issues, and projects that did not reach completion.

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