The board of SP New Energy Corporation approved a rebranding to MGEN Renewable Energy Holdings Inc. on January 21, 2026, as Batangas Representative Leandro Leviste resigned from the board to distance the company from controversies. This change forms part of transactions where Leviste sold over P20 billion worth of shares.
Leandro Leviste began installing solar panels imported from China on mall rooftops in 2013, starting with Central Mall in Biñan, Laguna, and notably SM North EDSA, under his holding company Solar Philippines Power Project Holdings Incorporated (SPPPHI).
A major milestone came in 2021 when one of its subsidiaries, Solar Philippines Nueva Ecija Corporation (SPNEC), conducted an initial public offering as the first company under the Philippine Stock Exchange's (PSE) 'Renewable Energy Listing' rules. It offered P2.7 billion in primary shares at P1 each, oversubscribed to P5.3 billion, yielding a market capitalization of P8.12 billion on its debut on December 17, 2021.
In October 2022, the name changed to SP New Energy Corporation, while authorized capital stock increased to 50 billion shares in June 2023. Market capitalization rose from P12 billion in December 2022 to P45.4 billion in December 2023, though net losses worsened to P104.99 million in 2023 from P36 million in 2022.
Facing a liquidity crunch in early 2023, Leviste partnered with Manuel V. Pangilinan's group. In March 2023, Metro Pacific Investments Corporation (MPIC) acquired 16% or 1.6 billion shares of SPNEC, completed in May 2023, including options for additional shares.
In December 2023, Pangilinan became chairman and CEO. Leviste resigned in January 2026 amid a P24-billion fine on SPPPHI from the Department of Energy and an Ombudsman probe into Solar Para Sa Bayan Corporation. On January 21, 2026, the board approved the rebranding to MGEN Renewable Energy Holdings Inc. with ticker MGENR.
Leviste sold 16.44 billion shares for P20.49 billion, including deals with MGENR paying P13.76 billion, raising over P34 billion total. Leviste stated, 'to share more upside with our public shareholders who are our partners in building this company for the long term.'
