Congressman-elect Leandro Leviste, son of Senator Loren Legarda, is selling most of his shares in renewable energy firm SP New Energy Corp. (SPNEC) as he shifts from business to public service.

In a statement on Wednesday, Solar Philippines said Leviste signed a deal to sell 5.01 billion SPNEC shares to Meralco PowerGen Corp. (MGen) for P6.26 billion, in addition to an earlier sale of 5.82 billion shares for P7.50 billion.

MGen already paid P13.76 billion for 10.83 billion shares, which are still being transferred. The Meralco affiliate also bought 3.77 billion shares from Leviste for P4.50 billion.

In total, Leviste’s companies are selling 14.60 billion shares to MGen for P18.26 billion. He also sold 1.84 billion shares to the public in 2023 for P2.23 billion. Altogether, Leviste sold 16.44 billion shares worth P20.49 billion. His company, Solar Philippines, still owns 8.16 billion SPNEC shares.

To recall, in 2023, Meralco also invested P15.90 billion in SPNEC’s primary shares. With the shares it bought from Leviste, Meralco’s total investment in SPNEC is over P34 billion.

Solar Philippines said sale proceeds will be invested in real estate and stocks to support his philanthropic work.

According to the company, Leviste is now actively looking at more private placements and financing options for his remaining shares. Leviste began focusing on public service last year after selling control of SPNEC to Meralco.

SPNEC is developing the 3,500 megawatts Terra Solar project across the provinces of Bulacan and Nueva Ecija, poised to be the world’s largest solar-battery project.