Leviste in talks to sell remaining SPNEC stake
MANILA, Philippines — Newbie lawmaker Leandro Leviste is in discussion with an overseas investor for a potential acquisition of his remaining shares in SP New Energy Corp. (SPNEC), according to billionaire Manuel Pangilinan.
Pangilinan, chair of Manila Electric Co. (Meralco), said that his group did not offer to buy Leviste’s stake in the solar firm as it already holds the majority ownership through its power generation arm, Meralco PowerGen Corp. (MGEN).
Currently, MGEN has a 57.33-percent interest in SPNEC. Leviste’s Solar Philippines Power Project Holdings, Inc. (SPPHI) still holds 16.3 percent, while Metro Pacific Investments Corp. has 3.2 percent.
“Lean is talking to a foreign investor to unload his shares. That’s all we know,” he told reporters on the sidelines of an event on Wednesday.
“Actually, we introduced this foreign investor to Lean. So I think he’s fairly serious about selling,” Pangilinan said.
When asked if he would be “happier” if SPNEC got a new partner, Pangilinan said that they could still maintain a good relationship with the young congressman.
Last month, the group disclosed its plan to rebrand SPNEC to MGEN Renewable Energy Holdings, Inc. Analysts see this as an attempt to pursue a backdoor listing or move away from controversies linked to Leviste.
READ: SPNEC rebrands as MGEN Renewable Energy
From solar farms to politics
Leviste entered the political arena after winning as Batangas 1st District Representative in the 2025 elections.
Even in less than a year, he was already embroiled in different controversies, such as his allegation that House members had received a P2 million Christmas bonus each.
READ: Alvarez to Leviste: Checks for House staff salaries, not bonus
He has also been exposing corruption activities in public infrastructure spending.
READ: Cabral files: Leviste releases summary of 2023-2026 allocations
Amid these issues, the Department of Energy said most of the terminated renewable contracts were under Leviste’s SPPHI, drawing a hefty P24-billion fine.
The Energy Regulatory Commission likewise said Solar Para Sa Bayan Corp., another firm backed by Leviste, was facing up to P150 million in penalty over its alleged illegal and high power charges in Paluan, Occidental Mindoro.
Given the political noises and regulatory challenges, Leviste decided to resign as director of Terra Solar Philippines, Inc. and SPNEC late last month.
“To prevent Meralco and other investors in the companies I sold from being caught up in any wrongful political attacks against me, I resigned as a board director,” he said in an earlier social media post. INQ
