Meralco PowerGen Corporation (MGEN) today clarified that SP New Energy Corporation (SPNEC) is a separate and distinct corporate entity from Solar Para Sa Bayan Corporation (SPBC).
MGEN did not acquire any share in SPBC, which was awarded a congressional franchise thru Republic Act 11357 to construct and install and operate microgrids in remote areas.
MGEN is not privy to any transactions of SPBC nor to any circumstances that may relate to its compliance with its franchise.
MGEN’s investment in SPNEC did not violate any law or regulation. As a publicly-listed entity, the transactions of SPNEC, including the entry of MGEN through its affiliates, have been scrutinized and approved by the Philippine Stock Exchange and the Securities and Exchange Commission.
In addition, SPNEC’s business or operations is not dependent on the franchise mentioned.
“We hope this clarifies the issue and lays to rest the disinformation coming out especially in social media,” said Atty. Christer Gaudiano, MGEN Head for Sustainability, Corporate Communications, & External Affairs.