MGen Renewable Energy Inc. (MGreen), a subsidiary of Meralco-owned Meralco Powergen Corp. (MGen), said Wednesday it acquired 10.8 billion shares in SP New Energy Corp. (SPNEC) for P13.8 billion, following the maturity of exchangeable note facility agreements.
The transaction, which increased the Meralco group’s total ownership in SPNEC to 57.33 percent, involved a block sale on the Philippine Stock Exchange on Oct. 27, 2025.
SPNEC’s parent firm, Solar Philippines Power Project Holdings Inc. (SPPPHI) founder Leandro Leviste sold the shares to MGreen.
The underlying agreements covered loans totaling about P13 billion that MGreen had extended to SPPPHI.
These loans included P6.7 billion lent in September 2024, convertible into 5.8 billion common shares of SPNEC, and another P6.3 billion extended in March 2025, convertible into 5 billion common shares.
The latest transaction follows Leviste’s earlier sale of 3.77 billion SPNEC shares to the Meralco group for P4.50 billion. Leviste’s total divestments to the Meralco group now stand at 14.61 billion shares for over P18.26 billion.
As a result of the transactions, the Meralco group’s ownership in SPNEC increased to 28.71 billion shares, or 57.33 percent of SPNEC’s common shares. Leviste’s ownership, meanwhile, decreased to 9.35 billion shares, or 18.66 percent.
The Meralco group has now invested over P34 billion in SPNEC. This includes P15.90 billion in primary shares, which is being used to fund the construction of SPNEC’s P200-billion Terra Solar project in Nueva Ecija, described as the world’s single largest solar-battery project.
Leviste, who was elected representative of the first district of Batangas in May 2025, previously indicated plans to divest his shares in SPNEC, with total expected proceeds of over P34 billion.
Leviste plans to use the proceeds from his share sales for real estate and equity investments, as well as his philanthropic activities.
