BUSINESSMAN-TURNED-POLITICIAN Leandro L. Leviste is in talks with a foreign investor regarding his remaining shares in SP Recent Energy Corp. (SPNEC), the corporate’s chairman said.
“Lean (Mr. Leviste) is talking to a foreign investor to unload his shares,” SPNEC Chairman Manuel V. Pangilinan told reporters on the sidelines of an event on Wednesday.
“This particular foreign investor is sort of keen to speculate in SPNEC. Actually, we introduced this foreign investor to Lean. So, I believe he’s fairly serious about selling,” he added.
Mr. Pangilinan, who can also be chairman of Manila Electric Co. (Meralco) and its subsidiary, Meralco PowerGen Corp. (MGEN), said the group doesn’t need to extend its stake in SPNEC because it is already the bulk shareholder.
At present, SPNEC is 57.33% owned by MGEN Renewable Energy, Inc. (MGEN Renewables), a subsidiary of MGEN. Meanwhile, 16.3% is held by Solar Philippines Power Project Holdings, Inc., which was founded by Mr. Leviste.
Last month, Mr. Leviste resigned from the SPNEC board for “personal reasons.”
The Batangas congressman also stepped down from his post at MTerra Solar and was replaced by MGEN President and Chief Executive Officer Emmanuel V. Rubio as a part of a reorganization, because the P200-billion integrated solar and battery project moves toward initial grid integration.
MTerra Solar comprises a 3,500-megawatt-peak solar energy plant and a 4,500-megawatt-hour energy storage system spanning Nueva Ecija and Bulacan.
The corporate said it has accomplished initial grid synchronization and energization, allowing the ability to export 85 megawatts (MW) to the grid by the top of the month.
The Meralco group took over development of MTerra Solar in 2023 after acquiring a controlling stake in SPNEC from Solar Philippines.
SPNEC is searching for approval from the Securities and Exchange Commission to vary its corporate name to MGEN Renewable Energy Holdings, Inc.
Individually, analysts have said the proposed name change could align the corporate’s branding with MGEN’s renewable energy portfolio and potentially support plans to list the group’s renewable energy assets.
Mr. Pangilinan earlier said there is perhaps a re-initial public offering (IPO) for SPNEC by 2027 to boost additional funds.
“Perhaps in 2027, we are going to re-IPO to boost a little bit of money for SPNEC and MGreen (MGEN Renewables),” he said.
Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera