Leviste divesting shares in SPNEC
In a statement, SPNEC said Leviste has entered into agreements to divest most of his shares in the company.
The lawmaker-elect, in particular, has signed an agreement to sell 5.01 billion SPNEC shares for P6.26 billion to Meralco PowerGen Corporation (MGen), on top of a previous agreement to sell 5.82 billion shares for P7.50 billion.
Under the agreements, MGen has already paid Leviste P13.76 billion, while the transfer of the 10.83 billion shares is expected soon, according to SPNEC.
The company added that MGen has also previously purchased 3.77 billion shares from Leviste for P4.50 billion.
In total, the Leviste-led company has agreed to sell a total of 14.60 billion shares to MGen for P18.26 billion.
Moreover, in 2023, Leviste sold 1.84 billion SPNEC shares to public shareholders for P2.23 billion.
The congressman-elect has divested 16.44 billion shares for P20.49 billion.
After the transactions, SPNEC said Solar Philippines Power Project Holdings Inc. would still own 8.16 billion shares of the company.
The company said Leviste is also considering options for other private placements and financing on the remaining SPNEC shares of Solar Philippines and affiliates, 'which would bring the total funding raised from the SPNEC shares of Solar Philippines and affiliates to over P34 billion.'
Leviste founded Solar Philippines in 2013 to accelerate the development of solar energy in the Philippines.
Solar Philippines completed Luzon's largest solar farm in Batangas and began developing SPNEC's Nueva Ecija solar farm in 2016, and began operating its Tarlac solar farm in 2019.
In 2021, SPNEC became the first-ever solar company to IPO in the Philippines, with Leviste becoming the youngest chairman and CEO in the history of the Philippine Stock Exchange.
Leviste, son of Senator Loren Legarda, was elected representative of the 1st District of Batangas on May 12, 2025 with 268,764 votes. — Ted Cordero/BM, GMA Integrated News
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