Congress-bound Leviste unloads stake in SPNEC
Businessman Leandro Legarda Leviste is divesting his stake in SP New Energy Corp. (SPNEC) and its affiliates as he is set to join the public sector after winning a congressional seat in Batangas.
In a statement on Wednesday, Solar Philippines said its founder has already signed a series of agreements to unload the shares.
The company said Leviste sealed a fresh deal with Meralco PowerGen Corp. (MGen) for the sale of 5.01 billion SPNEC shares for P6.26 billion.
This was on top of previous agreements with MGen where Leviste sold 9.59 billion shares for P12 billion.
In 2023, the 32-year-old tycoon also unloaded 1.84 billion SPNEC shares to public shareholders for P2.23 billion.
Solar Philippines, which Leviste established in 2013 offering solar energy facilities and technology, said it continued to hold 8.16 billion shares in SPNEC. This translates to 16.32 percent stake in SPNEC.
MGen, the power generation arm of Pangilinan-led Manila Electric Co., meanwhile, said it owned 53.7 percent in SPNEC through MGreen.
P200-billion solar facility
SPNEC is set to position itself in the global market with its P200-billion solar facility in Luzon, designed to have 3,500 megawatts of total capacity and a massive 4,500 megawatt-hour battery energy storage system.
“Leviste is currently considering options for other private placements and financing on the remaining SPNEC shares of Solar Philippines and affiliates,” the firm said.
These planned activities, Solar Philippines said, could lead to a total funding of more than P34 billion.
“Leviste continues to invest the proceeds of these share sales in real estate and equity investments, with the proceeds of these investments funding Leviste’s philanthropic initiatives,” Solar Philippines added.
The son of Senator Loren Legarda was elected last May 12 after what spectators branded as a historic win in the province. He is poised to assume the position on June 30.
