The clarification follows reports that Leviste is being investigated by the Office of the Ombudsman over the alleged sale of a solar mega-franchise without the required approval from Congress.
Meralco PowerGen Corporation (MGEN) said SPNEC, which it acquired from Leviste, is a separate and distinct corporate entity from SPBC, which was awarded a congressional franchise through Republic Act 11357 to construct, install, and operate microgrids in remote areas.
MGEN said it did not acquire any share in SPBC.
“We hope this clarifies the issue and lays to rest the disinformation coming out especially in social media,” said Atty. Christer Gaudiano, MGENhead for sustainability, corporate communications, & external affairs.
It added that it is not privy to any SPBC transactions or circumstances that may relate to SPBC’s compliance with its franchise.
MGEN said its entry into SPNEC through its affiliates did not violate any law or regulation, adding that SPNEC transactions have been scrutinized and approved by the Philippine Stock Exchange and the Securities and Exchange Commission.
It also said SPNEC’s business and operations are not dependent on the franchise being cited in the claims.
—Edited by Miguel R. Camus
