Meralco PowerGen Corporation has denied acquiring shares in Solar Para sa Bayan Corp., amid allegations by Ombudsman Jesus Crispin Remulla that Rep. Leandro Leviste sold the congressional franchise without approval. Leviste shared the denial on social media. The controversy focuses on how political permissions influenced the valuation of clean energy projects.
On January 11, Batangas 1st District Representative Leandro Antonio Legarda Leviste posted on Facebook the denial by Meralco PowerGen Corporation (MGEN) that it did not acquire any shares in Solar Para sa Bayan Corp. (SPBC), which was awarded a congressional franchise under Republic Act 11357. MGEN stated it is not privy to SPBC transactions and that SP New Energy Corp. (SPNEC) business and operations are not dependent on that franchise. Leviste was reacting to Ombudsman Jesus Crispin Remulla’s allegation that Leviste sold SPBC’s franchise without congressional approval.
This column provides a market analysis, not an indictment of MGEN or its investment decision. It examines how Leviste monetized regulatory confidence and political permission—rather than delivered capacity—to secure a multibillion-peso exit ahead of execution. Republic Act 11357 became law in April 2019 during former President Rodrigo Duterte's term, witnessed by Leviste’s mother, Loren Legarda, before her term ended on June 30, 2019.
The transaction defining Leviste’s rise was not a sale of power but the monetization of optionality. In October 2025, SPNEC shares were sold in a ₱13.76-billion block sale to MGEN. The platform's value rested on service contracts, land banks, permits, grid assumptions, and the belief that execution would follow. This shifted risk downstream to utilities, lenders, regulators, and consumers, who face higher power prices when affordable solar fails to materialize on schedule.
MGEN's denial may be factually correct but does not address the core issue of confidence built on an ecosystem of permissions. It raises questions about political capital's role in shaping the Philippine clean energy market.
