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Manila Bulletin devider Business devider The Stock Market devider Leviste firm to invest P5 B to develop Western Batangas

Leviste firm to invest P5 B to develop Western Batangas

Published Mar 15, 2024 07:00 am

Countryside Investments Holdings Corporation (Countryside), a company wholly owned by Leandro Leviste, is investing over P5 billion to help propel the development of rural Batangas.

In a statement, Leviste said this will be done in partnership with his renewable energy firm Solar Philippines Power Project Holdings, Inc. using funds raised from the sale of a majority stake in SP New Energy Corporation (SPNEC) to Meralco PowerGen Corporation (MGen) and other investors.

SPNEC Calatagan Solar Farm.jpg
Solar Philippines' Calatagan solar farm

The proceeds from these transactions and other financing are earmarked for a series of development projects in Western Batangas where Countryside and its affiliates have significant landholdings.

This initiative is part of Countryside’s commitment to foster sustainable development within the region. The strategic focus of the investment is on sectors that promise high-impact benefits for the local economy, including energy, industrial, and commercial projects. 

These initiatives are designed to create job opportunities, thereby addressing the urgent need for employment following the recent closure of the Central Azucarera Don Pedro sugar mill in Nasugbu, Batangas owned by Roxas Holdings, Inc. 

The closure is said to have affected the livelihood of over 13,000 farmers and sugar mill workers, making Countryside’s investments timely and critical for the region’s recovery.

One of the flagship projects of Solar Philippines in the region, the 63 MW Calatagan Solar Farm, exemplifies the potential for renewable energy to drive local development while promoting sustainability. 

This project, which began operations in February 2016 and now owned by SPNEC, marked the first of a series of developments that promise to bring long-term economic benefits to the community.

“At the heart of Countryside’s strategy is its commitment to social justice and sustainability. The company aims to make investments that solve social issues in ways that are mutually beneficial for investors and communities,” the firm said. 

It added that this includes providing equitable compensation for farmers and partnering with local communities to ensure the success of its projects.

Countryside Investments Holdings Corporation looks forward to unveiling further projects under its investment plan and working closely with communities in Batangas to usher in a new era of sustainable development and shared prosperity. 
 

Related Tags

Countryside Investments Holdings Corporation SP New Energy Corporation Solar Philippines Power Project Holdings Inc. Leandro Leviste
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