Leandro Leviste, a politician with a background in business, is currently negotiating the sale of his remaining holdings in SP New Energy Corp. (SPNEC) with a prospective international investor. The discussions were revealed by SPNEC Chairman Manuel V. Pangilinan, offering a glimpse into a significant shift in the company’s ownership.
Pangilinan described the foreign investor as “quite keen” on investing in SPNEC, noting that he personally facilitated the introduction. This suggests a serious intent on the part of the investor and a willingness to move forward with a substantial acquisition.
The Meralco group, already the majority shareholder in SPNEC with a 57.33% stake through its subsidiary MGEN Renewable Energy, Inc., has no immediate plans to increase its ownership. Their current position provides sufficient control and influence over the company’s direction.
Leviste’s remaining shares represent 16.3% of SPNEC, held through Solar Philippines Power Project Holdings, Inc., the company he founded. His recent resignation from the SPNEC board, citing “personal reasons,” foreshadowed this potential shift in ownership.
This move coincides with a broader reorganization within the group, including Leviste’s departure from MTerra Solar, where he was replaced by MGEN President and CEO Emmanuel V. Rubio. This restructuring is designed to streamline operations as the massive P200-billion integrated solar and battery project nears completion.
MTerra Solar, a sprawling 3,500-megawatt-peak solar power plant coupled with a 4,500-megawatt-hour energy storage system, is poised to significantly contribute to the nation’s power grid. Initial synchronization has been achieved, with plans to export 85 megawatts by the end of the month.
The Meralco group gained control of MTerra Solar’s development in 2023 through its acquisition of a controlling stake in SPNEC from Solar Philippines. This acquisition marked a turning point, solidifying Meralco’s position in the renewable energy sector.
SPNEC is actively seeking approval to rebrand as MGEN Renewable Energy Holdings, Inc., a change intended to align its identity with MGEN’s broader renewable energy portfolio. This rebranding could also pave the way for future financial maneuvers.
Analysts speculate that the name change is a strategic move to support potential plans for a re-initial public offering (IPO) of the group’s renewable energy assets, potentially as early as 2027. This IPO could generate substantial capital for further expansion and development.
Pangilinan indicated that a re-IPO for both SPNEC and MGEN Renewables is being considered to raise funds for continued growth and innovation within the renewable energy sector. This demonstrates a long-term commitment to sustainable power solutions.
