BUSINESSMAN Leandro Antonio L. Leviste is generating over P34 billion in proceeds from the divestment of his shares in listed SP New Energy Corp. (SPNEC) ahead of assuming office as representative of the first district of Batangas on June 30.
Mr. Leviste signed a deal to sell 5.01 billion SPNEC shares to Meralco PowerGen Corp. (MGen) for P6.26 billion, on top of a prior agreement to sell 5.82 billion shares for P7.5 billion, Solar Philippines Power Project Holdings, Inc. said in a Facebook post on Wednesday.
MGen already paid P13.76 billion to Mr. Leviste, with the transfer of shares to follow. MGen also previously bought 3.77 billion shares worth P4.5 billion from Mr. Leviste.
Altogether, Mr. Leviste’s wholly owned companies have agreed to sell 14.6 billion shares to MGen for P18.26 billion. He also sold 1.84 billion SNPEC shares to public shareholders for P2.23 billion in 2023.
In total, Mr. Leviste sold 16.44 billion SPNEC shares for P20.49 billion. Solar Philippines still owns 8.16 billion SPNEC shares after the transaction.
Solar Philippines said Mr. Leviste is considering options for other private placements and financing on the remaining SPNEC shares, which would bring the total funding raised to over P34 billion.
“Mr. Leviste decided to focus on public service in 2024 after selling to Meralco the controlling stake in SPNEC. Mr. Leviste continues to invest the proceeds of these share sales in real estate and equity investments, with the proceeds of these investments funding his philanthropic initiatives,” Solar Philippines said.
Mr. Leviste founded Solar Philippines in 2013 to accelerate solar energy development in the country. He was elected as congressman of the first district of Batangas after securing 268,764 votes during the 2025 Philippine midterm elections.
SPNEC, through unit Terra Solar Philippines, Inc., is building a 3,500-megawatt-peak solar farm and 4,500-megawatt-hour battery energy storage system.
SPNEC is now controlled by the Pangilinan group through MGen Renewable Energy, Inc., the renewable energy development arm of MGen. The latter is a unit of Manila Electric Co. (Meralco).
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.
SPNEC shares rose 0.83% or one centavo to P1.21 per share on Wednesday. — Revin Mikhael D. Ochave
