MGEN Clarifies SPNEC Investment And Denies Links To Solar Para Sa Bayan

Meralco PowerGen Corporation said that SP New Energy Corporation is completely different from Solar Para Sa Bayan Corporation. It explained that it did not buy any shares in Solar Para Sa Bayan, which has a government-approved franchise allowing it to build and operate microgrids in far-flung areas. The company added that it is not involved in any activities, agreements, or issues related to Solar Para Sa Bayan or its franchise requirements.

MGEN said its investment in SP New Energy Corporation followed all laws and regulations. Since SPNEC is a publicly listed company, all its transactions, including MGEN’s entry through its partner companies, were reviewed and approved by the Philippine Stock Exchange and the Securities and Exchange Commission. The company also noted that SPNEC’s business does not rely on the franchise given to Solar Para Sa Bayan.

MGEN said it hopes this explanation clears the confusion and stops the spread of wrong information online. Atty. Christer Gaudiano, MGEN’s Head for Sustainability, Corporate Communications, and External Affairs, said the company wants the public to understand the facts clearly.