The transaction was carried out through MGen Renewable Energy Inc. (MGreen), the renewable energy arm of Manila Electric Co., which acquired 10.83 billion common shares via block trades on October 27, 2025.
Just days earlier, Leviste had moved the same block of shares from his private firm, Solar Philippines Power Project Holdings Inc., to his personal name in preparation. This was an internal transaction priced at P0.58 per share, data from the stock exchange showed.
This is the largest share transfer by Leviste since Pangilinan’s group announced the takeover of SPNEC two years ago.
Leviste, who was elected congressman of the 1st District of Batangas last May, still owns about 8 billion shares in SPNEC, according to a report by Manila Bulletin Business last June. He is the son of Sen. Loren Legarda.
Following the acquisition, MGreen now holds 69.26 percent of SPNEC, which is currently trading at P1.17 per share (-2.5 percent), valuing the company at about P60.1 billion.
SPNEC is developing the 3,500-megawatt Terra Solar project in Central Luzon, which will include a 4,500-megawatt-hour battery system.
The company says this will be the world’s largest solar and storage facility once fully operational by 2027.
—Edited by Miguel R. Camus
