00:00Tycoon Manipangilinan rebrands SP New Energy Corporation or SPNEC to Emgen Renewables Incorporated.
00:07The Meralco Group is also integrating nearly 5 billion pesos worth of renewable energy businesses into Emgen.
00:13But the makeover can't quite banish the controversial past of Leandro Leviste's Solar Philippines or the 10.34 billion peso
00:20headache that comes with it.
00:22In December 2025, Energy Secretary Sharon Garin terminated the service contract for SPNEC's 280MW Santa Rosa Nueva Ecija II project
00:31and demanded 10.34 billion pesos.
00:34Before that, the Department of Energy terminated 33 contracts tied to Leviste's Solar Philippines Group and is running after him
00:40for 24 billion pesos in obligations and penalties.
00:44Solar Philippines is the empire Leviste built before Pangilinan's group took control.
00:48Leviste resigned from the board in January and cashed out 3 billion pesos worth of shares.
00:54Emgen insists SPNEC is legally separate from Solar Philippines and not liable for the group's 24 billion peso obligation.
01:01Aside from the 5 billion peso injection, Emgen Renewables plans to strengthen its position via a re-IPO in March
01:082027.
01:09Leviste already took SPNEC public in 2021.
01:12Leviste and his mother, Senator Loren Legarda, face graft-and-plunder complaints involving solar contracts
01:18awarded to Leviste-link companies both deny wrongdoing.
