Billionaire and Batangas 1st District Representative Leandro Leviste has completed the sale of P13.76 billion worth of shares in SP New Energy Corp. (SPNEC) to the group of Manuel V. Pangilinan, solidifying the tycoon’s control over one of the country’s largest solar energy developers.
The transaction was executed through MGen Renewable Energy Inc. (MGreen), the renewable energy arm of Manila Electric Co. (Meralco), which acquired 10.83 billion common shares via block trades on 27 October 2025.
In preparation for the deal, Leviste transferred the same block of shares from Solar Philippines Power Project Holdings Inc., his privately held company, to his personal name. The internal transfer was priced at P0.58 per share, according to disclosures to the Philippine Stock Exchange (PSE).
Following the transaction, MGreen now holds a 69.26-percent stake in SPNEC, which was previously taken over by Pangilinan's group 2 years ago. Leviste, the son of Senator Loren Legarda, still owns about 8 billion shares in SPNEC.
SPNEC is currently developing the 3,500-megawatt Terra Solar project in Central Luzon, which will include a 4,500-megawatt-hour battery energy storage system. The project, slated for completion in 2027, is expected to become the world’s largest integrated solar and storage facility once fully operational.