Leviste In Talks With Foreign Investor To Sell Remaining SPNEC Stake
- March 5, 2026
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Businessman-turned-lawmaker Leandro Leviste is in discussions with a foreign investor regarding the potential sale of his remaining shares in SP New Energy Corp. (SPNEC), according to the company’s chairman, Manuel V. Pangilinan.
Pangilinan said the overseas investor was introduced to Leviste by the Meralco group and is reportedly interested in acquiring the stake held by Leviste’s firm, Solar Philippines Power Project Holdings, Inc. (SPPHI).
“Lean is talking to a foreign investor to unload his shares. That’s all we know,” Pangilinan 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.”
Majority Owner
The Meralco group, through its power generation arm Meralco PowerGen Corp. (MGEN), currently holds the majority stake in SPNEC and has no plans to increase its ownership.
At present, MGEN Renewable Energy, Inc. (MGEN Renewables) owns about 57.33 percent of SPNEC. Meanwhile, SPPHI retains 16.3 percent, while Metro Pacific Investments Corp. holds approximately 3.2 percent.
Pangilinan said the group did not offer to purchase Leviste’s shares because it already controls the company. The Meralco group acquired a controlling stake in SPNEC in 2023, taking over the development of the MTerra Solar project from Solar Philippines.
MTerra Solar is an integrated renewable energy facility consisting of a 3,500-megawatt-peak solar power plant and a 4,500-megawatt-hour battery energy storage system spanning Nueva Ecija and Bulacan. The project is expected to become one of the largest solar and battery facilities in the world.
The company recently announced that the project had completed initial grid synchronization and energization, allowing the facility to export up to 85 megawatts of power to the grid by the end of the month.
Leadership Changes
Leviste stepped down from the board of SPNEC last month, citing personal reasons. He also resigned from his position at MTerra Solar, where MGEN President and Chief Executive Officer Emmanuel V. Rubio assumed leadership as part of a corporate reorganization tied to the project’s development phase.
Leviste later said he resigned from Terra Solar Philippines and SPNEC to prevent investors from being affected by political attacks related to his public role.
“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 a previous social media post.
Political Issues
Leviste entered national politics after winning as representative of Batangas’ 1st District in the 2025 elections.
Since then, he has been involved in several public controversies, including allegations about congressional benefits and his claims of irregularities in public infrastructure spending.
At the same time, some renewable energy projects linked to his companies have faced regulatory scrutiny. The Department of Energy said several terminated renewable energy contracts were associated with SPPHI, potentially resulting in penalties estimated at P24 billion.
Meanwhile, the Energy Regulatory Commission said Solar Para Sa Bayan Corp., another company backed by Leviste, could face penalties of up to ₱150 million over alleged violations related to power charges in Paluan, Occidental Mindoro.
Possible Rebranding
SPNEC is also seeking approval from the Securities and Exchange Commission to change its corporate name to MGEN Renewable Energy Holdings, Inc.
The rebranding aims to align the company more closely with the Meralco group’s renewable energy portfolio and may support potential plans to list its clean energy assets.
Pangilinan previously said the company could pursue a re-initial public offering (IPO) around 2027 to raise additional funding for SPNEC and MGEN’s renewable energy expansion.
Source:
https://business.inquirer.net/576282/leviste-in-talks-to-sell-remaining-spnec-stake
https://newsinfo.inquirer.net/2177835/another-leviste-firm-faces-up-to-p150-m-penalty
https://tribune.net.ph/2026/01/23/leviste-resigns-from-spnec-board
https://business.inquirer.net/574533/mterra-solar-phase-1-fully-online-by-august
