BIZ BUZZ: No drama for MGen

Tycoon Manuel V. Pangilinan’s power unit is sidestepping the business drama tied to young congressman Leandro Leviste.

Meralco PowerGen Corp. (MGEN) was quick to distance itself from the new controversy after Ombudsman Jesus Crispin Remulla claimed that the businessman-turned-politician allegedly sold his solar energy franchise to Pangilinan.

The alleged transaction, which Remulla said had failed to go through congressional approval, is already under probe.

However, MGEN stressed that SP New Energy Corp. (SPNEC) is “a separate and distinct corporate entity from Solar Para Sa Bayan Corp. (SPBC).”

“MGEN did not acquire any share in SPBC, which was awarded a congressional franchise thru Republic Act 11357 to construct, install and operate microgrids in remote areas,” it said.

The firm further said that it was “not privy to any transactions of SPBC nor to any circumstances that may relate to its compliance with its franchise.”

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It maintained that MGEN’s investment in SPNEC—which started in 2023—was lawful.

The group even noted that its transactions were “scrutinized and approved” by corporate regulators.

“We hope this clarifies the issue and lays to rest the disinformation coming out, especially in social media,” said lawyer Christer Gaudiano, MGEN head for Sustainability, Corporate Communications and External Affairs.