Leviste raises P3B from SPNEC share sale
Solar Philippines Power Project Holdings Inc., an embattled firm backed by Batangas Rep. Leandro Leviste, has gained P3 billion following its move to cut its stake in Pangilinan-led SP New Energy Corp. (SPNEC).
Based on a regulatory filing on Tuesday, the solar company sold 2.4 billion shares priced at P1.25 per share.
This led to a reduction in its interest in SPNEC to 11.51 percent. Before the transaction, Meralco PowerGen Corp. (MGEN) of billionaire Manuel V. Pangilinan had a 57.33-percent stake in SPNEC. Solar Philippines held 16.3 percent, while Metro Pacific Investments Corp. had 3.2 percent.
The buyer of the company’s shares was not disclosed.
In February, Pangilinan, chair of Manila Electric Co., said the group did not offer to acquire Leviste’s stake in the solar firm. But he noted that the young tycoon was in talks with foreign investors for the potential disposal.
A separate disclosure stated that SPNEC’s board of directors had approved the acquisition of properties from SPPPHI subsidiaries, Provincia Investments Corp. and JJPNM Agro Industrial Corp.
MGEN previously said it would pursue the rebranding of SPNEC to MGEN Renewable Energy Holdings Inc., with analysts seeing this as an attempt to pursue a backdoor listing, or move away from controversies linked to Leviste.
Leviste entered the political arena after winning as Batangas 1st District Representative in the 2025 elections.
In less than a year, he was embroiled in different controversies.
The Department of Energy also hit Leviste over Solar Philippines’ idle projects, drawing a hefty P24-billion fine.
