Leandro Leviste sells another P3 billion in SPNEC shares as solar controversies mount

The sale comes as Leviste faces plunder and graft complaints before the Ombudsman alongside his mother, Senator Loren Legarda, and former energy secretary Alfonso Cusi over roughly P10 billion in solar projects Batangas Representative Leandro Leviste has sold P3 billion worth of shares in SP New Energy Corporation, reducing his stake to 11.51% amid legal and political pressures. Leviste's holding company disposed of 2.4 billion shares, and he is reportedly in talks to sell more of his remaining shares, while Meralco's MGEN Renewable Energy now controls SPNEC. Leviste and his mother, Senator Loren Legarda, are under investigation for alleged plunder and graft related to solar projects, with accusations of using their positions for personal gain. This is AI-generated. Read the article for full context. Report any errors. MANILA, Philippines – Batangas Representative Leandro Leviste has sold another P3 billion worth of shares in SP New Energy Corporation (SPNEC), further cutting his stake in the solar company he founded to just 11.51% as he faces mounting legal and political pressure over his renewable energy ventures. SPNEC is a listed renewable energy developer now controlled by Meralco’s MGEN Renewable Energy, with the massive MTerra Solar project as its flagship development. A regulatory filing showed that Solar Philippines Power Project Holdings Incorporated (SPPPHI), Leviste’s holding company, disposed of 2.4 billion SPNEC shares on August 20 at P1.25 apiece. The transaction cut SPPPHI’s stake from 16.30% to 11.51%, equivalent to about 5.76 billion shares. The filing, signed by Leviste on August 27, did not identify the buyer. Just weeks earlier, Meralco chairman Manuel Pangilinan told reporters that Leviste was already exploring a further exit from SPNEC. In an ambush interview after a Meralco press conference, Pangilinan said the neophyte lawmaker was in talks with several prospective buyers about selling some or even all of his remaining shares, while stressing that the Meralco group was not involved in those discussions. “He’s still there, but I understand he’s talking to several people about disposing his shares – some or all of his shares,” Pangilinan said. “We’re not party to that discussion.” Meralco PowerGen’s renewable energy arm already owns 57.33% of SPNEC, while Pangilinan-linked Metro Pacific Investments Corporation holds another 3.2%. Meralco took control after a series of transactions in which Leviste sold down billions of pesos worth of shares. The latest divestment comes as Leviste faces mounting scrutiny over the solar businesses that helped build his fortune. The Department of Energy is pursuing around P24 billion in penalties from Solar Philippines after terminating dozens of renewable energy service contracts covering more than 11,400 megawatts of capacity for failure to meet project commitments. MGEN has stressed that SPNEC is a separate company and is not liable for those penalties. More seriously for Leviste, the Office of the Ombudsman is investigating him, his mother Senator Loren Legarda, and former energy secretary Alfonso Cusi over plunder and graft allegations involving roughly P10 billion in solar projects. (WATCH: Why Loren, Leandro are facing plunder, graft complaints over solar projects) Ombudsman Jesus Crispin Remulla said the respondents used “legislative and regulatory actions” to secure government rights over solar projects that were later left undeveloped. The allegations also questioned whether Legarda used her position as then-Senate finance committee chair to help her son obtain his congressional franchise. Legarda has called the accusations “utterly false and baseless.” Leviste has maintained that Solar Para sa Bayan, the company granted the congressional franchise, was separate from SPNEC and was not the company sold to the Meralco group. He has also said Solar Para sa Bayan had already become defunct and stopped operating years earlier. Both Leviste and Legarda left the Philippines on August 2. The Ombudsman has since questioned Leviste’s two-month travel authority and Legarda’s repeatedly extended medical leave. – Rappler.com How does this make you feel? Loading