SP New Energy Corp. (SPNEC) founder Leandro Leviste has completed the sale of another 10.83 billion shares in the company to Manila Electric Co. (Meralco) for ₱13.76 billion, finalizing his planned divestment of part of his stake.
The transaction, done through a block sale on the Philippine Stock Exchange on Monday, fulfills the exchangeable note agreements between Meralco’s renewable arm MGen Renewable Energy Inc. and Leviste’s Solar Philippines Power Project Holdings Inc. signed in September 2024 and March 2025.
This follows Leviste’s earlier sale of 3.77 billion shares for ₱4.5 billion, bringing his total share sales to Meralco to 14.61 billion shares worth over ₱18.26 billion. As a result, Meralco now owns 57.33 percent of SPNEC, while Leviste’s stake has decreased to 18.66 percent.
Leviste, who became Congressman of Batangas’ 1st District in May 2025, previously announced plans to sell his SPNEC holdings, expecting total proceeds of over ₱34 billion. He said the funds will go toward real estate, equity investments, and philanthropy.
With the latest purchase, Meralco’s total investment in SPNEC exceeds ₱34 billion, including ₱15.9 billion in new shares to fund the construction of SPNEC’s 3,500-megawatt Terra Solar project in Nueva Ecija—touted as the world’s largest solar-battery project.
Under Meralco’s leadership, SPNEC in 2024 secured financing from banks and foreign investors for the ₱200-billion Terra Solar project, which includes the biggest foreign investment in Philippine infrastructure history.
