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Businessman-turned-lawmaker Leandro Leviste has resigned from the boards of SP New Energy Corp. (SPNEC) and its subsidiary Terra Solar Philippines Inc. (MTerra Solar), marking his full exit from companies he founded but which are now controlled by the Manuel V. Pangilinan-led Meralco Group, as the country’s largest solar project moves closer to commercial operations.
SPNEC disclosed in a stock exchange filing that Leviste stepped down from its board effective immediately, citing “personal reasons.” MTerra Solar, meanwhile, confirmed that Leviste resigned as a director on Jan. 20. No further explanation was provided by the companies when asked.
Both SPNEC and MTerra Solar are affiliates of Meralco PowerGen Corp. (MGen), the power generation arm of Manila Electric Co. and the parent of MGen Renewables (MGreen), which holds a controlling stake in SPNEC.
Board Changes
Following Leviste’s departure, MTerra Solar appointed MGen president and chief executive officer Emmanuel Rubio to its board, a move the company said was intended to strengthen leadership as the project enters its operational phase.
“This transition marks a natural progression for MTerra Solar as it approaches commissioning,” Rubio said. “Strengthening board leadership at this stage ensures closer alignment between strategic oversight, system integration and operational execution as we move toward delivering clean, reliable power to the grid.”
The board reorganization comes as MTerra Solar advances toward initial commercial operations of its flagship P200-billion integrated solar and battery storage project spanning Nueva Ecija and Bulacan.
Largest Solar Project Under Development
MTerra Solar is developing a facility with up to 3,500 megawatts (MW) of solar generation capacity paired with between 4,000 and 4,500 megawatt-hours (MWh) of battery energy storage, a scale that could make it the largest of its kind globally once fully completed.
The project is designed to be energized in phases. The first phase is scheduled for power-on within the current quarter, with output expected to ramp up to about 1,500 MW by August. Earlier disclosures indicated a first-phase target of as much as 2,500 MW, while a second phase of around 1,000 MW is planned by 2027.
The solar park has already been integrated into the grid through the Nagsaag–San Jose transmission line, allowing the company to prepare for phased energization this year.
Meralco Takeover
The Meralco Group took control of MTerra Solar in 2023 after acquiring a majority stake in SPNEC from Solar Philippines Power Project Holdings Inc. (SPPPHI), the company founded by Leviste. The transaction was executed through MGreen, MGen’s renewable energy platform.
Based on the latest disclosures, the Meralco Group holds 57.33 percent of SPNEC through MGreen, while SPPPHI retains a 16.3 percent stake. The remaining shares are held by public investors.
SPNEC has also applied for regulatory approval to change its corporate name, stock symbol, and logo to MGen Renewable Energy Holdings Inc., a move the company said would align its identity more closely with the broader One Meralco Group. Market observers have noted that the rebranding could also help distinguish the company from its former parent.
Surrounding Controversies
Leviste’s resignation comes amid heightened scrutiny of SPPPHI, which was recently hit with P24 billion in penalties after the Department of Energy terminated 33 renewable energy service contracts linked to the firm for lack of project progress. The terminated contracts represented more than 11,400 MW in combined capacity.
Energy Secretary Sharon Garin said the DOE had repeatedly reached out to SPPPHI regarding its commitments, while Leviste has attributed delays in his projects to government red tape.
Source:
https://business.inquirer.net/570332/leviste-leaves-board-seats-in-spnec-mterra-solar
https://www.philstar.com/business/2026/01/24/2503033/leviste-exits-spnec-mterra-solar-boards
https://business.inquirer.net/552015/mterra-solar-eyes-p-14-2-b-link-to-luzon-grid
https://business.inquirer.net/568621/levistes-solar-ph-slapped-with-p24-b-fine-over-idle-projects
