MANILA, Philippines — In a move to further distance itself from recent controversies and align with its parent company, SP New Energy Corp. (SPNEC) has announced plans to change its corporate name to MGEN Renewable Energy Holdings Inc.
In a disclosure on Thursday, January 22, the company confirmed that its board of directors has approved the change of the firm’s name, stock symbol, and corporate logo. This transition is currently awaiting final approval from the Securities and Exchange Commission (SEC).
Aligning with the Meralco Group The rebranding is part of the “gradual rollout and implementation of the overall branding strategy of the Meralco PowerGen Corporation (MGen) Group.” SPNEC is now a key part of the power generation business under tycoon Manuel V. Pangilinan, who serves as the company’s chair.
Stepping Out of the Shadow The name change is widely seen as an effort to move away from the “shadow” of businessman and politician Leandro Leviste. Leviste’s Solar Philippines Power Project Holdings, Inc. (SPPHI) remains a stockholder in SPNEC, and Leviste continues to serve as vice chair. However, SPPHI has been under intense scrutiny recently, facing approximately P24 billion in penalties related to terminated energy contracts.
A History of Name Changes This marks the third identity for the company. It was originally incorporated as Solar Philippines Nueva Ecija Corp. before rebranding to SP New Energy Corp. in October 2022.
By adopting the “MGEN” brand, the company aims to solidify its status as the primary renewable energy arm of the Meralco group, providing a clearer distinction from Leviste’s embattled separate ventures while moving forward under Pangilinan’s leadership.