Leviste resigns from SPNEC board

SP New Energy Corp. (SPNEC) director Leandro Antonio Leviste has resigned effective immediately, as the company moves to stabilize governance following the cancellation of contracts linked to him.

In a disclosure on Friday, SPNEC confirmed receiving Leviste’s resignation letter.

Separately, Terra Solar Philippines Inc. (MTerra Solar), a subsidiary of SPNEC, announced a reorganization of its board as it advances toward commissioning and initial energy injection into the national grid.

Effective 21 January, MGEN President and CEO Emmanuel V. Rubio was appointed to MTerra Solar’s board, succeeding Leviste, who recently stepped down as a member of the board.

“This transition marks a natural progression for MTerra Solar as it approaches commissioning. Strengthening board leadership at this stage ensures closer alignment between strategic oversight, system integration, and operational execution as we move toward delivering clean, reliable power to the grid,” Rubio said.

MTerra Solar said commissioning activities are accelerating as the project enters its operational phase this year.

The company recently achieved the grid cut-in of its 500-kilovolt substation along the Nagsaag–San Jose 500-kilovolt transmission line.

Phase 1 is set to begin energization this quarter, ramping up to 1,500 megawatts by August 2026.

MTerra Solar is a subsidiary of SPNEC, which has applied for a change of corporate name to MGEN Renewable Energy Holdings Inc. as part of preparations to integrate MGEN’s renewable energy assets under a single holding company structure.