Goodbye, SPNEC: MVP rebrands Leviste’s solar firm, lines up P5-B deal

Manuel V. Pangilinan is giving Leandro Leviste’s old solar crown jewel quite the makeover. First, shed the SPNEC name. Next, bring in nearly P5 billion worth of other renewable energy businesses. And perhaps, pitch the shiny new thing to stock market investors all over again. SP New Energy Corporation (SPNEC) is now officially MGEN Renewables Inc. , (MGENR) after securing Securities and Exchange Commission approval on Monday, October 26; its stock ticker is also set to change to MGENR. Officially, the renaming is part of the Meralco group’s broader rebranding strategy. Conveniently, it also removes a reminder of Solar Philippines , the controversial empire Leviste built before Pangilinan’s group took control . And there’s quite a history behind SPNEC. FROM SPNEC to MGENR.

This Rappler diagram shows the ownership of the rebranded solar company as of September 1, 2026 and before the proposed share swap. Diagram by Raphael Reyes/Rappler. Leviste made his fortune assembling landholdings and securing solar development rights that attracted deep-pocketed investors, including Pangilinan himself. Industry sources that Rappler spoke with describe the young billionaire as a talented “flipper. ” But getting the rights to build solar farms and actually getting them built are two different businesses. The Department of Energy (DOE) terminated 33 contracts tied to Leviste’s wider Solar Philippines group, covering around 11,400 megawatts of proposed capacity, and sought around P24 billion in financial obligations. His camp disputes the claims. While much of the P24-billion mess relates to Leviste’s other companies, SPNEC is dragged into this too. In a December 23, 2025 letter seen by Rappler, Energy Secretary Sharon Garin terminated the service contract for SPNEC’s 280-megawatt Santa…