SPNEC rebrands as MGEN Renewable Energy

The group of billionaire Manuel Pangilinan seeks a fresher branding for SP New Energy Corp. (SPNEC), with an analyst seeing this as an attempt to pursue a backdoor listing or move away from controversies hounding businessman and politician Leandro Leviste.

In a disclosure on Thursday, the company said its board of directors had given the go signal to change SPNEC’s corporate name to MGen Renewable Energy Holdings, Inc.

Its stock symbol and company logo would likewise be changed once the firm gets clearance from the Securities and Exchange Commission (SEC).

“This is part and parcel of the gradual rollout and implementation of the overall branding strategy of the Meralco PowerGen Corp. Group,” SPNEC said in the filing.

In a separate statement, MGen said the rebranding initiative started in August 2025.

“It aims to strengthen alignment and consistency across the One MGEN group as it presents a unified identity for its diversified power generation portfolio, including renewable energy,” it said.

MGEN also noted this would “enhance clarity and ease of identification for stakeholders…” It added that the changes will not impact SPNEC’s ownership structure and operations.

The company used to go by Solar Philippines Nueva Ecija Corp. In October 2022, the SEC approved a change to its present name.

SPNEC is now under the power generation business of tycoon Manuel V. Pangilinan. But Leviste-led Solar Philippines Power Project Holdings, Inc. (SPPHI) remains a stockholder.

Pangilinan serves as chair, while Leviste sits as vice chair.

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“I think this confirms that Meralco PowerGen will push through with the backdoor infusion of its renewable energy business into the listed company,” said Juan Paolo Colet, managing director at investment bank China Bank Capital Corp.

“But the timing may have also been prompted by a need to distance the company from the controversy surrounding Leandro Leviste’s Solar Philippines,” Colet added.

The firm was earlier linked to the embattled SPPHI, with the latter facing about P24 billion in penalties due to terminated contracts.

While SPNEC has one project cancelled by the government, following its filing of a notice of force majeure, the company clarified that it was not liable to pay the multibillion-peso fine.