SP New Energy Corp. (SPNEC) founder Leandro Leviste has sold 10.83 billion shares in the company to the Manila Electric Co. (Meralco) unit for P13.76 billion, completing his planned divestment.

Levisted said Wednesday that the sale, done through a block transaction on the Philippine Stock Exchange on 27 October, fulfills agreements made between Meralco affiliate MGen Renewable Energy, Inc. and his Solar Philippines Power Project Holdings, Inc. in September 2024 and March.

Leviste had previously sold 3.77 billion shares to Meralco for P4.50 billion. In total, he has sold 14.61 billion shares for over P18.26 billion. 

Meralco now owns 28.71 billion shares, or 57.33 percent of SPNEC, while Leviste keeps 9.35 billion shares, or 18.66 percent.

Leviste, elected Congressman of Batangas’ 1st District in May, said in June that he would sell his SPNEC shares, with total proceeds expected to exceed P34 billion. He plans to use the money for real estate, equity investments, and philanthropic work.

Meralco has now invested over P34 billion in SPNEC, including P15.90 billion in primary shares to fund the 3,500 MW Terra Solar project in Nueva Ecija, the world’s largest single solar-battery project. 

Last year, SPNEC raised funding from banks and foreign investors for the P200 billion project, the largest foreign investment for an infrastructure project in the country's history.

The company is currently developing the 3,500-megawatt Terra Solar project across Bulacan and Nueva Ecija, which is projected to be the world’s largest solar-battery project.