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Manila Bulletin devider Business devider The Stock Market devider Leviste sells ₱34 billion in SPNEC shares ahead of Congressional role

Leviste sells ₱34 billion in SPNEC shares ahead of Congressional role

Still considering options for remaining 8 billion SPNEC shares

Published Jun 25, 2025 01:35 pm
Leandro Legarda Leviste
Leandro Legarda Leviste
Young tycoon Leandro Legarda Leviste is raising a total of ₱34 billion from the divestment of his shares in solar producer SP New Energy Corporation (SPNEC) before assuming his new role as Congressman for the first district of Batangas in the House of Representatives on June 30, 2025.
In a statement posted on his social media page, Leviste said he has signed an agreement to sell 5.01 billion SPNEC shares for ₱6.26 billion to Meralco PowerGen Corporation (MGen), in addition to a previous agreement to sell 5.82 billion shares for ₱7.50 billion.
Under these agreements, MGen has already paid Leviste ₱13.76 billion, while the transfer of the 10.83 billion shares is expected soon.
MGen had previously purchased from Leviste 3.77 billion shares for ₱4.50 billion. Altogether, Leviste’s wholly-owned companies have agreed to sell a total of 14.60 billion shares to MGen for ₱18.26 billion.
In 2023, Leviste also sold 1.84 billion SPNEC shares to public shareholders for ₱2.23 billion. In total, Leviste has sold 16.44 billion shares for P₱20.49 billion.
After these transactions, Leviste’s wholly-owned Solar Philippines Power Project Holdings, Inc. (Solar Philippines) would still own 8.16 billion shares of SPNEC.
Leviste said he is currently considering options for other private placements and financing on the remaining SPNEC shares of Solar Philippines and affiliates, which would bring the total funding raised from the SPNEC shares of Solar Philippines and affiliates to over ₱34 billion.
Leviste founded Solar Philippines in 2013 at 20 years old to accelerate the development of solar energy in the Philippines.
Solar Philippines completed Luzon’s largest solar farm in Batangas and began developing SPNEC’s Nueva Ecija solar farm in 2016, and began operating its Tarlac solar farm in 2019.
In 2021, SPNEC became the first-ever solar company to IPO in the Philippines, and Leviste became the youngest Chairman and CEO in the history of the Philippine Stock Exchange.
Meralco invested ₱15.90 billion in primary shares of SPNEC in 2023 (together with purchasing ₱18.26 billion in secondary shares from Leviste, bringing Meralco’s overall investments in SPNEC to also over ₱34 billion) for the construction of SPNEC’s 3500 MW Terra Solar project in Nueva Ecija, the world’s single largest solar-battery project.
In 2024, SPNEC under Meralco’s leadership was able to raise the funding from banks and foreign investors for the ₱200 billion project, including the largest foreign investment for an infrastructure project in Philippine history.
Leviste decided to focus on public service in 2024 after selling Meralco the controlling stake in SPNEC. He continues to invest the proceeds of these share sales in real estate and equity investments, with the proceeds of these investments funding his philanthropic initiatives.
Leviste was elected Congressman of the 1st District of Batangas on May 12, 2025 with 268,764 votes, the most votes in any congressional race in the history of Batangas.

Related Tags

SP New Energy Corp. (SPNEC) Leandro Legarda Leviste Meralco PowerGen Corp. (MGen) Manila Electric Company
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