The company sold 2.4 billion shares at P1.25 each, cutting its ownership to 11.51 percent from 16.3 percent, a regulatory filing on Tuesday showed.
The sale comes as the Ombudsman investigates Leviste, Sen. Loren Legarda and former Energy Secretary Alfonso Cusi over allegedly unfinished solar projects and more than P10.44 billion in unpaid government obligations.
The Ombudsman has questioned their continued stay abroad and urged them to return, while Legarda has dismissed the accusations as false and baseless.
SPNEC, controlled by tycoon Manuel V. Pangilinan-led Manila Electric Co. (Meralco), inaugurated the first phase of its P200-billion MTerra Solar project on July 14, billed as the world’s largest solar and battery-storage facility on a single site.
Meralco’s renewable-energy arm MGreen took control of SPNEC in 2023 and raised its voting stake to 69.25 percent in 2025 through investments and share acquisitions worth more than P29 billion.
—Edited by Miguel R. Camus
