Leviste sells P13.76 billion SPNEC shares to Meralco

Batangas 1st District Rep. Leandro Legarda Leviste has sold his 10.83 billion shares in SP New Energy Corporation (SPNEC) to the Manila Electric Company (Meralco) for P13.76 billion, completing the agreed sale of his shares in SPNEC.

Leviste sold the shares to Meralco through a block sale on the Philippine Stock Exchange on Monday, Oct. 27, according to Leviste’s wholly-owned Solar Philippines Power Project Holdings, Inc.

“This fulfills the exchangeable note agreements executed between Meralco’s wholly-owned MGen Renewable Energy, Inc. and Leviste’s wholly-owned Solar Philippines Power Project Holdings, Inc. in September 2024 and March 2025, with the transaction now completed with the transfer of shares to Meralco,” Solar Philippines said in a statement.

In June, SPNEC said Leviste has entered into agreements to divest most of his shares in the company before assuming office as a lawmaker.

Leviste earlier sold his 3.77 billion SPNEC shares to Meralco for P4.50 billion, bringing the lawmaker’s total divestments to Meralco to 14.61 billion shares for over P18.26 billion.

“As a result, Meralco’s ownership in SPNEC has increased to 28.71 billion shares or 57.33% of SPNEC and Leviste’s ownership has decreased to 9.35 billion shares or 18.66% of the company’s common shares,” Solar Philippines said.

It added that the lawmaker is using proceeds of his shares in real estate, equity investments, and philanthropic activities.

Meralco has now invested over P34 billion in SPNEC, including P15.90 billion in primary shares to fund the construction of SPNEC’s 3500 MW Terra Solar project in Nueva Ecija.

In 2021, SPNEC became the first-ever solar company to IPO in the Philippines, with Leviste becoming the youngest chairman and CEO in the history of the Philippine Stock Exchange. — JMA, GMA Integrated News