On October 27, 2025, Leandro Leviste sold 10.83 billion shares in SP New Energy Corp. (SPNEC) to the Meralco group for ₱13.76 billion. This transaction forms part of a larger divestment potentially exceeding ₱34 billion. It highlights the monetization of renewable energy assets before projects are fully completed.
Leandro Leviste, son of former senator Loren Legarda, gained prominence in the renewable energy sector through Solar Philippines and SPNEC. In 2017, then-President Rodrigo Duterte attended the launch of Solar Philippines' manufacturing facility in Batangas. Two years later, Duterte signed Republic Act 11357, granting a 25-year franchise to Leviste-owned Solar Para sa Bayan.
In May 2024, Leviste acquired an 8.5% stake in ABS-CBN, boosting the stock price. In the energy sector, SPNEC serves as a platform for development-stage assets such as service contracts and permits.
According to disclosures, Leviste's holding companies sold 14.60 billion shares to Meralco's MGen for ₱18.26 billion, with cumulative sales reaching 16.44 billion shares for about ₱20.49 billion by mid-2025. The latest block sale in October 2025 could yield over ₱34 billion in total proceeds.
However, the Department of Energy (DOE) disclosed in October 2024 that 21 of Solar Philippines' 42 service contracts face discontinuance for failing to meet commitments. In financials, SPNEC's SEC Form 17-Q for the quarter ended March 31, 2025, revealed Terra Solar's ₱150-billion loan agreement, with ₱25.15 billion drawn, alongside a ₱688.7-million loss from hedging.
In March 2025, Actis completed a US$600-million deal for a 40% stake in Terra Solar via Meralco. These transactions illustrate the transfer of execution risk from developers to utilities and consumers, as awarded capacity remains undelivered.
