Manila Electric Co. (Meralco) and its affiliate SP New Energy Corp. (SPNEC) have no plans to acquire the remaining Solar Philippines shares owned by Lean Leviste, leaving the door open for a foreign investor.

In an interview with reporters at the sidelines of the Meralco financials briefing on Wednesday, Meralco and SPNEC chairman Manuel V. Pangilinan confirmed that the company has introduced a potential partner to Leviste.

“(Leviste) is talking to a foreign investor to unload his shares. That’s all we know,” SPNEC Pangilinan said. 

Asked whether his group had been approached or considered making an offer, he said: “Well, we don’t need to because we are the majority already in SPNEC. But this particular foreign investor is quite keen to invest in Solar Philippines. Actually, we introduced this foreign investor to Len. So I think he’s fairly serious about selling.”

In January, Leviste resigned effective immediately as SPNEC director following the cancellation of contracts linked to him. 

Leviste’s firm reportedly failed to deliver over 11,000 megawatts of promised renewable energy projects, leaving at least P24 billion in contractual obligations.