From Solar Pioneer to Corporate Controversy: The Leviste SPNEC Saga

What began as a promising story of renewable energy innovation has transformed into a complex web of corporate transactions that has left small investors questioning their trust in Philippine capital markets.

Batangas 1st District Representative Leandro Leviste, once hailed as a solar energy pioneer, now faces mounting criticism from retail investors who feel misled by what they describe as corporate sleight of hand involving his flagship company, now known as MGEN Renewable Energy Holdings Inc.

The Solar Dream Takes Root

Leviste's renewable energy journey began modestly in 2013 when he started installing Chinese-imported solar panels on mall rooftops. His first project at Central Mall in Biñan, Laguna, eventually expanded to include the notable SM North EDSA installation under his holding company, Solar Philippines Power Project Holdings Incorporated (SPPPHI).

The breakthrough moment came in December 2021 when Solar Philippines Nueva Ecija Corporation (SPNEC) made history as the first company to list under the Philippine Stock Exchange's innovative "Renewable Energy Listing" rules. These regulations allow companies without profit track records to list based on project potential alone.

IPO Success and Market Euphoria

SPNEC's initial public offering proved remarkably successful, with the P2.7 billion offering reportedly oversubscribed to P5.3 billion. The strong investor appetite for the first pure-play solar company on the PSE gave SPNEC an impressive market capitalization of P8.12 billion at debut.

The company's market performance continued to dazzle investors. From a market cap of P12 billion in December 2022, SPNEC soared to P45.4 billion by December 2023, significantly outperforming the Philippine Renewable Energy industry's 6.1% return over the same period.

However, beneath the market excitement, financial realities painted a different picture. SPNEC's net losses worsened from P36 million in 2022 to P104.99 million in 2023, a detail that received little attention amid the stock's meteoric rise.

Enter the Pangilinan Group

When SPNEC faced liquidity challenges and trading suspension due to its public float falling below 20% 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 largest shareholder with a 43% stake. By December 2023, MVP had assumed the roles of chairman and CEO of SPNEC.

Corporate Restructuring and Controversy

The relationship between Leviste and his creation became increasingly complex through a series of transactions that have raised eyebrows among market observers. A planned P60 billion tax-free property-for-shares swap was cancelled and replaced with an all-cash arrangement worth P2.4 billion.

Adding to the complexity, SPPPHI faced a P24 billion fine from the Department of Energy for failing to fulfill energy generation contracts. To distance SPNEC from these regulatory issues, Leviste officially resigned from the company's board in January 2026.

The final transformation came on January 21, 2026, when SPNEC's board approved changing the company name to MGEN Renewable Energy Holdings Inc. with the new ticker symbol MGENR.

The P34 Billion Question

Through various share transactions, Leviste reportedly raised over P34 billion from divesting his holdings in SPNEC. He sold 16.44 billion shares for P20.49 billion, including P18.26 billion to MGENR and P2.23 billion to public shareholders.

Despite these massive divestments, Leviste's SPPPHI still maintains ownership of 8.16 billion SPNEC shares, ensuring continued involvement in the company he founded.

Investor Concerns Mount

Small investors who participated in SPNEC's historic IPO now express frustration with what they perceive as a bait-and-switch operation. Many feel they invested in a solar energy pioneer's vision only to find themselves shareholders in a completely restructured entity under different management.

Leviste maintains that all transactions were conducted "to share more upside with our public shareholders," describing them as "partners in building this company for the long term."

However, the complex series of corporate maneuvers has raised questions about transparency and the protection of minority shareholders in the Philippine capital markets, particularly for companies listed under special regulatory frameworks designed to encourage renewable energy investment.

As the dust settles on this corporate transformation, the SPNEC saga serves as a cautionary tale about the intersection of renewable energy ambitions, political careers, and capital market regulations in the Philippines.