SP New Energy Corp. (SPNEC) founder Leandro Leviste has sold another 10.83 billion shares in SPNEC to Manila Electric Co. (Meralco) for ₱13.76 billion, marking the completion of a previously announced sale of the Batangas representative’s stake in the solar power company.

Leviste said in a social media post that he sold the shares to Meralco through a block sale on the Philippine Stock Exchange (PSE) on Monday, Oct. 27.

As a result, Meralco’s ownership in SPNEC has increased to 28.71 billion shares, or 57.33 percent of SPNEC, while Leviste’s ownership has decreased to 9.35 billion shares, or 18.66 percent of the company’s common shares.

The latest sale 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 following the transfer of shares to Meralco.

This follows Leviste’s earlier sale of 3.77 billion SPNEC shares to Meralco for ₱4.5 billion, bringing his total divestments to Meralco to 14.61 billion shares worth over ₱18.26 billion.

Leviste was elected congressman of the 1st district of Batangas in May 2025. In June 2025, he stated that he would be divesting his shares in SPNEC, with total proceeds expected to exceed ₱34 billion.

He said he is using the proceeds from his share sales for real estate and equity investments, as well as philanthropic activities.

Meralco has now invested over ₱34 billion in SPNEC, including ₱15.9 billion in primary shares to fund the construction of SPNEC’s 3,500-megawatt (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 funding from banks and foreign investors for the ₱200-billion project, including what was described as the largest foreign investment for an infrastructure project in Philippine history.