Solar Philippines Power Project Holdings Inc. (SPPHI), an embattled firm backed by Batangas Rep. Leandro Leviste, has gained P3 billion following its move to cut its stake in Pangilinan-led SP New Energy Corp. (SPNEC).
Based on a regulatory filing on Tuesday, the solar company sold 2.4 billion shares priced at P1.25 apiece.
This led to a reduction in its interest in SPNEC to 11.51 percent.
Before the transaction, Meralco PowerGen Corp. (MGEN) of billionaire Manuel V. Pangilinan had a 57.33-percent stake in SPNEC; Leviste’s SPPHI held 16.30 percent; while Metro Pacific Investments Corp. had 3.20 percent.
The buyer of the company’s shares was not disclosed.
In February, Pangilinan, chair of Manila Electric Co., said the group did not offer to acquire Leviste’s stake in the solar firm. But he noted that the young tycoon was in talks with foreign investors for the potential disposal of the shares.
A separate disclosure stated that SPNEC’s board of directors had approved the acquisition of properties from SPPPHI subsidiaries, Provincia Investments Corp. and JJPNM Agro Industrial Corp.
MGEN previously said it would pursue the rebranding of SPNEC to MGEN Renewable Energy Holdings Inc., with analysts seeing this as an attempt to pursue a backdoor listing or move away from controversies linked to Leviste.
Leviste entered the political arena after winning as Batangas 1st District Representative in the 2025 elections. Even in less than a year, he was already embroiled in different controversies, such as his allegation that House members received a P2 million Christmas bonus each. He has also been exposing corruption activities in public infrastructure spending.
Amid these claims, the Department of Energy (DOE) also hit Leviste over SPPHI’s idle projects, drawing a hefty P24-billion fine.
The Energy Regulatory Commission previously said Solar Para Sa Bayan Corp., another firm under Leviste’s business, could face up to P150 million in penalty over alleged illegal and high power charges in Occidental Mindoro.
Just last week, the Office of the Ombudsman ordered Senator Loren Legarda and her son Leviste to answer plunder and graft complaints against them over the latter’s failure to deliver solar power committed under a congressional franchise.