Pangilinan says Leviste in talks with foreign investor over SPNEC shares

BUSINESSMAN-TURNED-POLITICIAN Leandro L. Leviste is in talks with a foreign investor regarding his remaining shares in SP New Energy Corp. (SPNEC), the company’s chairman said.

“Lean (Mr. Leviste) is talking to a foreign investor to unload his shares,” SPNEC Chairman Manuel V. Pangilinan told reporters on the sidelines of an event on Wednesday.

“This particular foreign investor is quite keen to invest in SPNEC. Actually, we introduced this foreign investor to Lean. So, I think he’s fairly serious about selling,” he added.

Mr. Pangilinan, who is also chairman of Manila Electric Co. (Meralco) and its subsidiary, Meralco PowerGen Corp. (MGEN), said the group does not need to increase its stake in SPNEC as it is already the majority shareholder.

At present, SPNEC is 57.33% owned by MGEN Renewable Energy, Inc. (MGEN Renewables), a subsidiary of MGEN. Meanwhile, 16.3% is held by Solar Philippines Power Project Holdings, Inc., which was founded by Mr. Leviste.

Last month, Mr. Leviste resigned from the SPNEC board for “personal reasons.”

The Batangas congressman also stepped down from his post at MTerra Solar and was replaced by MGEN President and Chief Executive Officer Emmanuel V. Rubio as part of a reorganization, as the P200-billion integrated solar and battery project moves toward initial grid integration.

MTerra Solar comprises a 3,500-megawatt-peak solar power plant and a 4,500-megawatt-hour energy storage system spanning Nueva Ecija and Bulacan.

The company said it has completed initial grid synchronization and energization, allowing the facility to export 85 megawatts (MW) to the grid by the end of the month.

The Meralco group took over development of MTerra Solar in 2023 after acquiring a controlling stake in SPNEC from Solar Philippines.

SPNEC is seeking approval from the Securities and Exchange Commission to change its corporate name to MGEN Renewable Energy Holdings, Inc.

Separately, analysts have said the proposed name change could align the company’s branding with MGEN’s renewable energy portfolio and potentially support plans to list the group’s renewable energy assets.

Mr. Pangilinan earlier said there might be a re-initial public offering (IPO) for SPNEC by 2027 to raise additional funds.

“Perhaps in 2027, we will re-IPO to raise a bit of money for SPNEC and MGreen (MGEN Renewables),” he said.

Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera