SOLAR PHILIPPINES Power Project Holdings, Inc. (SPPHI), founded by businessman-turned-politician Leandro L. Leviste, has sold P3 billion worth of shares in SP New Energy Corp. (SPNEC).
SPPHI sold 2.4 billion SPNEC shares at P1.25 each, equivalent to a 4.79% stake, according to a regulatory filing on Tuesday.
Following the sale, SPPHI’s ownership in SPNEC fell to 11.51% from 16.3%. The buyer was not disclosed.
The sale comes as Mr. Leviste faces plunder and graft complaints before the Office of the Ombudsman over allegations involving unfinished solar projects and more than P10.44 billion in unpaid government obligations.
Entities wholly owned by Mr. Leviste had also divested SPNEC shares to Meralco PowerGen Corp. (MGEN), a subsidiary of Manila Electric Co. (Meralco), in 2025.
MGEN Renewable Energy, Inc. (MGEN Renewables), MGEN’s renewable energy arm, took control of SPNEC in 2024 after completing a P15.9-billion investment in the company.
As of June 30, MGEN Renewables held a 57.33% stake in SPNEC, while SPPHI held 16.3% and Metro Pacific Investments Corp. held 3.2%.
MGEN and SPNEC Chairman Manuel V. Pangilinan said earlier this year that the group was not looking to increase its stake in SPNEC because it was already the majority shareholder.
However, he said a foreign investor was interested in buying Mr. Leviste’s remaining SPNEC shares.
SPNEC has developed renewable energy projects in several provinces, including the large-scale MTerra Solar project in Nueva Ecija and Bulacan.
The P200-billion solar project is being undertaken by Terra Solar Philippines, Inc., a subsidiary of SPNEC.
The project has started delivering 750 megawatts to the Luzon grid ahead of its target for full commercial operations in 2027.
In a separate disclosure, SPNEC said it had acquired properties from Provincia Investments Corp. and JJPNM Agro Industrial Corp., subsidiaries of Solar Philippines. — Sheldeen Joy Talavera
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