Batangas 1st District Representative Leandro Leviste has sold around 10.83 billion of his shares in SP New Energy Corporation (SPNEC) to the Manila Electric Company (Meralco) for a total of ₱13.76 billion.
According to Leviste’s wholly-owned firm, Solar Philippines Power Project Holdings, Inc., the transaction was completed through a block sale on the Philippine Stock Exchange on Monday, October 27.
“This fulfills the exchangeable note agreements executed between Meralco’s wholly-owned MGen Renewable Energy, Inc. and Leviste’s wholly-owned Solar Philippines Power Project Holdings, Inc. in September 2024 and March 2025, with the transaction now completed with the transfer of shares to Meralco,” Solar Philippines said in a statement.
In June, SPNEC earlier disclosed that Leviste had entered into an agreement to divest a major portion of his shares in the company prior to assuming his post as a legislator.
Leviste had previously sold 3.77 billion shares of SPNEC to Meralco for ₱4.5 billion, bringing his total divestments to 14.61 billion shares worth ₱18.26 billion.
“As a result, Meralco’s ownership in SPNEC has increased to 28.71 billion shares or 57.33% of SPNEC, while Leviste’s ownership has decreased to 9.35 billion shares or 18.66% of the company’s common shares,” the statement added.
Solar Philippines also noted that the congressman is using the proceeds from the sale for real estate ventures, equity investments, and philanthropic activities.
To date, Meralco has invested over ₱34 billion in SPNEC, including ₱15.90 billion in primary shares to fund the construction of the 3,500 MW Terra Solar project in Nueva Ecija.