Image: Lainecedillo, Wikimedia Commons
Electricity distribution company Manila Electric Company (Meralco) has increased its stake in SP New Energy Corporation (SPNEC), the largest solar energy provider in the Philippines.
According to a transaction notice, 10.8 billion exchangeable shares have been transferred from SPNEC to Meralco’s MGen Renewable Energy Inc (MGen), the renewable energy arm of Meralco PowerGen (MGen), through a group sale through the Philippine Stock Exchange.
The shares were sold by SPNEC founder Leandro Leviste through his wholly owned subsidiary Solar Philippines Power Project Holdings (SPPPHI) for a total of PHP13.76 billion ($233.5 million).
According to an update from Solar Philippines, the transaction involves two exchangeable bond agreements executed in September 2024 and March 2025 between MGreen and Leviste for the sale of P5 billion and 5.8 billion shares, respectively.
“As a result, Meralco’s stake in SPNEC increased to 28.71 billion shares or 57.33% of SPNEC and Leviste’s ownership decreased to 9.35 billion shares or 18.66% of the company’s common stock,” Solar Philippines’ update added.
Leviste was elected as a congressman in the Philippine district of Batangas in May this year and announced that he will divest his shares in SPNEC a month later. Total proceeds are expected to reach PHP34 billion.
SPNEC is developing the world’s largest solar plus battery storage project under construction through its subsidiary Terra Solar Philippines Inc. MGen previously reported that the Terra Solar project, consisting of 3.5 GW of solar and 4.5 GWh of storage, is progressing ahead of schedulewith the first phase of work due to be completed next year.
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