BIZ BUZZ: Leviste seeks SPNEC stake buyer

For all the attention on Meralco PowerGen Corp.’s (MGEN) massive renewable energy ambitions, one lingering question remains: What happens to the remaining stake of SP New Energy Corp. (SPNEC) founder Leandro Leviste?

The answer, it seems, is still being worked out.

MGEN president and CEO Emmanuel Rubio said that Leviste continues to own about 15 percent of SPNEC and is looking for someone to buy it.

“He still has [shares]. He’s looking on his own, 15 percent. He’s looking for the buyer for the 15 percent,” Rubio said.

The comment offers a fresh glimpse into the final chapter of Leviste’s gradual separation from the solar company he founded.

Leviste, once the public face of SPNEC, ceded control of the company after MGEN acquired a majority stake and transformed it into the vehicle for what is now one of the country’s biggest renewable energy platforms.

Since then, MGEN has folded SPNEC into its broader clean energy strategy, with Rubio saying the group has expanded projects in Calatagan and Tarlac. The company is also spearheading the MTerra Solar project, touted as one of the world’s largest integrated solar and battery storage developments.

Yet despite the change in control, Leviste has remained a shareholder.

His remaining stake has long been the subject of market speculation. Last year, Leviste disclosed that he was exploring the sale of his residual holdings to investors, although no deal has publicly emerged since.

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Rubio’s latest remarks suggest the search is still ongoing.

Whether it lands with a strategic investor, a financial buyer or another player looking to gain exposure to the country’s fast-growing renewable energy sector, the eventual sale could finally close the book on Leviste’s role in the company he started.

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