Meralco Power Gen Corp. (MGen) announced that Batangas First District Congressman Leandro Leviste is offering his remaining stake in MGen Renewable Energy Holdings Inc. to a foreign investor.
MGen chairman Manuel Pangilinan said the foreign party was introduced to Leviste, who is reportedly serious about selling his shares. Pangilinan added he had no further details on the potential deal.
MGen, the power generation unit of Manila Electric Co., acquired controlling shares of MGen Renewable Energy (formerly SP New Energy Corp.) in 2023 and now holds 57.33 percent. Leviste’s stake of 16.30 percent is through Solar Philippines Power Project Holdings Inc., with the remaining shares publicly held.
Earlier this year, Leviste faced a P24 billion settlement request from the Department of Energy due to terminated solar contracts under his parent firm Solar Philippines. However, MGen’s operations, including its projects under SPNEC, were not affected.
One of MGen’s major projects, the Terra Solar Project, is expected to begin operations this quarter with its first 364 MW phase. The full project will have 2,500 MW of solar capacity with battery storage, potentially powering 2.4 million homes and reducing 4.3 million tons of carbon emissions annually.
