From Solar Pioneer to Corporate Labyrinth: The Leviste SPNEC Saga
What began as a promising venture to democratize solar energy across the Philippines has transformed into a complex web of corporate maneuvers that has left small investors questioning their faith in the country's renewable energy sector.
Batangas 1st District Representative Leandro Leviste once embodied the Filipino entrepreneurial spirit, starting his solar journey in 2013 by importing Chinese solar panels for mall rooftops. His first installation at Central Mall in Biñan, Laguna, followed by the notable SM North EDSA project, marked the humble beginnings of what would become Solar Philippines Power Project Holdings Incorporated (SPPPHI).
The Historic IPO That Captured Hearts
The breakthrough moment arrived in December 2021 when Solar Philippines Nueva Ecija Corporation (SPNEC) made history as the first company to list under the Philippine Stock Exchange's "Renewable Energy Listing" rules. This groundbreaking framework allowed companies without profit records to list based on project potential alone.
The IPO's success was undeniable. Priced at P1 per share, the P2.7 billion offering attracted overwhelming demand, reportedly reaching P5.3 billion in subscriptions. This enthusiasm gave SPNEC a market capitalization of P8.12 billion, reflecting investors' hunger for exposure to the Philippines' first pure-play solar company.
The company later rebranded to SP New Energy Corporation in November 2022, retaining its SPNEC ticker symbol while expanding its vision beyond Nueva Ecija to become "the developer of what is planned to be the largest solar project in Southeast Asia."
Market Euphoria Masks Financial Reality
SPNEC's market performance was nothing short of spectacular. From P12 billion in December 2022, its market capitalization soared to P45.4 billion by December 2023, outperforming the Philippine Renewable Energy industry's 6.1% return.
However, beneath this market excitement lay concerning financial fundamentals. SPNEC's net loss deepened to P104.99 million in 2023 from P36.00 million in 2022, a detail that seemed overshadowed by the stock's meteoric rise.
Enter the Pangilinan Group
When liquidity challenges and a trading suspension due to insufficient public float emerged in early 2023, Leviste found a powerful ally in the Manuel V. Pangilinan group.
Metro Pacific Investments Corporation (MPIC) acquired 16% of SPNEC's outstanding shares in May 2023, with options to potentially become the single largest shareholder with almost 43% interest through additional share acquisitions at P1.25 per share.
The partnership culminated in December 2023 when MVP assumed the roles of chairman and CEO of SPNEC, marking a significant shift in the company's leadership structure.
The Great Transformation
To distance SPNEC from the P24 billion fine imposed by the Department of Energy on SPPPHI for unfulfilled energy generation contracts, Leviste officially resigned from SPNEC's board in January 2026. The company simultaneously approved a name change to MGEN Renewable Energy Holdings Inc. with the new ticker MGENR.
The financial mechanics of Leviste's exit reveal the scale of value extraction. Through various agreements, he sold 16.44 billion shares for P20.49 billion, while his holding company SPPPHI retains 8.16 billion shares. Overall, Leviste reportedly raised over P34 billion from share divestments across SPNEC and affiliated entities.
Promises vs. Reality
Leviste maintains that these transactions were designed "to share more upside with our public shareholders," positioning retail investors as "partners in building this company for the long term." However, many small investors feel misled by what they perceive as a departure from the original solar democratization vision.
The saga reflects broader challenges in the Philippine capital markets, where retail investors often find themselves navigating complex corporate structures that may not always align with their initial investment thesis.
As MGENR charts its course under new leadership, the Leviste SPNEC story serves as a cautionary tale about the importance of transparency and consistent communication with the investing public, particularly in sectors as critical as renewable energy for the Philippines' sustainable future.