Panglinan-led Manila Electric Co. (Meralco) is satisfied with its current majority stake in SP New Energy Corp. and has no immediate plans to acquire the remaining interest held by founder Leandro Leviste.

While Leviste, the Batangas First District Representative, retains a substantial minority position, Manuel V. Pangilinan, Meralco chairman, said the utility’s existing ownership already provides sufficient control over the firm’s direction.

Meralco currently controls approximately 69.25 percent of the renewable energy developer following a ₱13.76 billion share transaction finalized in October 2025.

Pangilinan, however, disclosed that Leviste is currently in negotiations with an international entity to divest his remaining shares.

Meralco has facilitated the introduction of this potential foreign partner to help streamline the equity transition, though Pangilinan clarified that Meralco itself will not be the buyer.

“He is talking to a foreign investor to unload his shares,” Pangilinan told reporters on Wednesday, Feb. 26. “We don’t need to take the shares because we are majority already. I think he’s fairly serious about selling.”

Pangilinan declined to provide a specific timeline for the conclusion of those talks, noting that the pace of the deal depends entirely on the negotiations between Leviste and the interested foreign party.

The development follows a period of significant structural change for the developer. Originally established by Leviste, the company has since been rebranded as MGEN Renewable Energy Holdings (MGENR), to align it more closely with Meralco PowerGen Corp., the utility's power generation arm.

The rebranding, which commenced in August last year, was part of Pangilinan’s broader effort to consolidate Meralco’s power assets under a unified corporate identity.

The transition to MGENR also serves to distance the unit from previous regulatory hurdles. In January, the company faced scrutiny from the Department of Energy (DOE) regarding alleged non-compliance with certain renewable energy contracts.

By integrating the entity deeper into the MGen portfolio, Meralco aims to stabilize operations and focus on its aggressive capacity expansion.

MGen is currently undergoing a full organizational overhaul as it prepares to scale its footprint in the Philippine energy market. The group currently manages a net sellable capacity of 5,079 megawatts across a mix of conventional and renewable energy assets.

Meralco’s pivot toward renewables via MGENR is a central pillar of its long-term strategy to balance its coal-heavy portfolio with cleaner energy sources.