The energy investment arm of Japanese firm Mitsui & Co., Ltd. is looking to acquire the final 16.3 percent shareholding of businessman-lawmaker Leandro Leviste in SP New Energy Corp. (SPNEC).

Manila Electric Co. (Meralco) Chairman Manuel V. Pangilinan recently hinted to the media regarding ongoing discussions between Leviste and a foreign investor for his remaining stake, though he pointedly declined to disclose the buyer's identity.

SPNEC serves as the powerhouse holding firm for the 3,500-MW MTerra solar-plus-energy storage project.

Pangilinan emphasized that the Meralco group facilitated the introduction, noting, “I think he’s fairly serious about selling.”

However, an authoritative source has exclusively informed the Manila Bulletin that the Meralco group has lined up the Mitsui Group to evaluate the residual interest of Leviste’s Solar Philippines Power Project Holdings, Inc. (SPPHI) in SPNEC. Consequently, the Japanese conglomerate is now deep in due diligence on the prized asset.

Mitsui is rapidly building its credentials in gigawatt-scale renewables. The firm previously injected a €575 million strategic investment for a 27.5 percent stake in Mainstream Renewable Power, a European entity accelerating wind and solar developments across the Americas, Africa, and Asia-Pacific.

Currently, the utility giant’s power arm, Meralco PowerGen Corp (MGen), commands a controlling 57.33 percent stake in the publicly listed SPNEC. Leviste retains 16.3 percent, while Metro Pacific Investments Corp. holds a modest 3.2 percent equity share.

Having been elected to Congress, Leviste is legally bound to divest his business shareholdings under Republic Act 6713 (the Code of Conduct and Ethical Standards for Public Officials) and Article VI, Section 12 of the Philippine Constitution—mandates designed to prioritize public office over private interest.

The Constitution decrees that: “All members of the Senate and the House of Representatives shall, upon assumption of office, make a full disclosure of their financial and business interests. They shall notify the House concerned of a potential conflict of interest that may arise from the filing of a proposed legislation of which they are authors.”

While the 1987 Constitution does not explicitly demand total divestment, Section 9 of RA 6713 leaves little room for ambiguity. It states that when a conflict of interest arises, a public official must resign from private positions or divest shareholdings within 60 days of assuming office. This applies specifically when business interests are reasonably expected to conflict with the faithful performance of public duties.

Hailed as the world’s largest solar-plus-storage project to date, the MTerra Solar facility is slated to supply mid-merit power capacity to its parent utility, Meralco, under a 20-year power supply agreement.

By January this year, Phase 1 of the project reached 75 percent construction completion, covering 1,288 MWac of solar capacity outfitted with 622 battery energy storage system (BESS) units. Upon grid synchronization this February, MTerra began feeding 85 MW into the system, with output set to ramp up steadily toward full-scale completion in 2027.

The project’s operating entity, Terra Solar Philippines Inc., is majority-owned by MGen/Meralco affiliates (60 percent). The remaining 40 percent is held by European investor Actis, following a $600 million capital infusion completed in March 2025.