MVP: Leviste eyes foreign buyer for SPNEC shares

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February 27, 2026 | 12:00am

MANILA, Philippines —  Batangas lawmaker Leandro Leviste is in talks with a foreign investor to sell his remaining shares in SP New Energy Corp.

SPNEC chairman Manuel V. Pangilinan confirmed the ongoing negotiations, noting that the foreign investor is “quite keen” on entering the company behind the world’s largest integrated solar facility in Central Luzon.

“Actually, we introduced this foreign investor to (Leviste), so I think he’s fairly serious about selling,” Pangilinan said in a recent interview, declining to provide further details on the investor’s identity.

Asked whether Leviste – who currently faces a P24-billion penalty over his canceled power projects – had offered the shares to the Meralco Group, Pangilinan said there was no need to acquire more, as they already hold a majority interest in SPNEC.

The Meralco Group, through MGEN Renewable Energy Inc., currently holds a 57.33 percent stake in SPNEC. Metro Pacific Investments Corp., the diversified conglomerate also chaired by Pangilinan, owns 3.2 percent.

Solar Philippines Power Project Holdings Inc. (SPPPHI), a company founded by Leviste whose over 30 government contracts were terminated due to nonperformance, retains a 16.3 percent interest.

The stake represents more than 8.16 billion shares, valued at approximately P10.9 billion at the current price. This positions Leviste for substantial gains should he opt to fully divest his interest in SPNEC.

Sought for insights, COL Financial chief equity strategist April Lee-Tan said the foreign investor could be “some passive funds like sovereign funds” that are looking to gain exposure to renewable energy (RE) investments in the Philippines.

Market buzz has also linked the investor to Saudi-listed ACWA Power, which entered a strategic deal with Meralco PowerGen Corp. (MGEN) to pursue large-scale RE projects across the country.

Just last year, executives from MGEN and ACWA Power paid a courtesy call on President Marcos to present their joint strategy for developing the projects.

SPNEC, which is developing the P200-billion MTerra Solar project, recently filed an application with the Securities and Exchange Commission to change its corporate name to MGEN Renewable Energy Holdings Inc.

The move triggered speculation that this was intended to distance SPNEC from the controversy surrounding Leviste’s solar businesses.