Leviste sells P13.76B SPNEC shares to MGreen

Batangas Representative Leandro Leviste has completed the sale of 10.8 billion shares in SP New Energy Corporation (SPNEC) to Manila Electric Company's (Meralco) MGen Renewable Energy Inc. (MGreen) for P13.76 billion.

This transaction fulfills exchangeable note agreements previously made between MGreen and Leviste's Solar Philippines Power Project Holdings, Inc.

Leviste still owns 18.66% of SPNEC's common shares following the block trades.

MGreen's stake in SPNEC has risen to 69.26% from 53.7% after the sale.

The Meralco Group initially invested P15.9 billion to control SPNEC two years ago, funding the construction of the world's largest integrated solar and battery storage project.