Leviste divesting stake in SPNEC

Sale of shares to raise over P34 billion

MANILA, Philippines —  Congressman-elect and businessman Leandro Leviste is poised to raise over P34 billion from the sale of his shares in SP New Energy Corp. (SPNEC).

Leviste, who was elected congressman of the first district of Batangas, is divesting most of his shares in SPNEC before assuming office on June 30.

Leviste said he has signed an agreement to sell 5.01 billion SPNEC shares for P6.26 billion to Meralco PowerGen Corp. (MGen), on top of a previous deal to sell 5.82 billion shares for P7.5 billion.

MGen, the power generation arm of the Meralco Group, has already paid P13.76 billion to Leviste.

The transfer of the 10.83 billion shares, meanwhile, is expected to take place soon.

MGen also previously purchased 3.77 billion shares for P4.5 billion from Leviste.

Overall, Leviste’s wholly owned companies have agreed to sell 14.6 billion shares to MGen for P18.26 billion.

In 2023, Leviste likewise sold 1.84 billion SPNEC shares to public shareholders for P2.23 billion.

In total, Leviste has so far sold 16.44 billion shares for P20.49 billion.

After these transactions, Leviste’s wholly owned Solar Philippines Power Project Holdings Inc. will still own 8.16 billion shares of SPNEC.

Leviste is currently considering options for other private placements and financing on the remaining SPNEC shares of Solar Philippines and affiliates, which is expected to bring the total funding raised from the SPNEC shares of Solar Philippines and affiliates to over P34 billion.

Leviste continues to invest the proceeds of the share sales in real estate and equity investments.

Leviste founded Solar Philippines in 2013 to accelerate the development of solar energy in the country.

In 2016, Solar Philippines completed Luzon’s largest solar farm in Batangas and began developing SPNEC’s Nueva Ecija solar farm. It started operating its Tarlac solar farm in 2019.

SPNEC became the first-ever solar company to conduct an initial public offering in the Philippines in 2021.

Leviste decided to focus on public service in 2024 after selling Meralco the controlling stake in SPNEC.

In September last year, MGen acquired additional 5.8 billion shares, or 11.6 percent of SPNEC, bringing the total investment of the company and its affiliates in SPNEC to P27.9 billion for 25.3 billion shares, equivalent to 50.5 percent of the solar company.