By Benjamin Cuaresma
MANILA, Philippines — Batangas 1st District Rep. Leandro Leviste has sold another ₱3 billion worth of shares in SP New Energy Corp. (SPNEC), further shrinking his position in the renewable energy company as his solar ventures face escalating government and Ombudsman scrutiny.
A regulatory filing showed that Leviste’s holding company, Solar Philippines Power Project Holdings Inc. (SPPPHI), disposed of 2.4 billion SPNEC shares at ₱1.25 each on Aug. 20, cutting its stake from 16.30 percent to 11.51 percent.
The transaction is equivalent to roughly ₱3 billion and leaves SPPPHI with about 5.76 billion SPNEC shares.
The sale also adds to a string of major divestments by Leviste from the solar business he helped build, raising fresh attention to his continuing reduction of ownership while government investigations into his renewable energy operations gather momentum.
SPNEC shares recorded unusually heavy trading on Aug. 20, with market data showing about 2.47 billion shares changing hands, with a total traded value of approximately ₱3.09 billion.
The latest disposal comes barely a month after the Office of the Ombudsman moved to conduct a preliminary investigation into complaints involving Leviste, his mother, Sen. Loren Legarda, and former Energy Secretary Alfonso Cusi over solar projects and government contracts.
Ombudsman Jesus Crispin Remulla said investigators found that numerous exclusive solar energy service contracts had been awarded to corporations within an alleged network associated with Leviste, but many of the projects were not developed as promised.
The Ombudsman said the terminated contracts resulted in more than ₱10.44 billion in unpaid financial obligations to the government.
Remulla described the alleged failure to deliver the promised electricity as “ghost electricity,” saying the country suffered because projects included in the Philippine Energy Plan were not implemented.
The allegations remain subject to the preliminary investigation and have not been judicially established.
Leviste’s latest transaction follows his much larger sale of SPNEC shares to the renewable energy arm of the Meralco group.
In October 2025, Leviste sold 10.83 billion SPNEC shares worth about ₱13.76 billion to MGreen, pushing the Meralco group’s ownership to controlling levels.
The transaction fundamentally changed SPNEC’s ownership structure and marked a major shift in control of the company founded by Leviste.
By early 2026, SPNEC Chairman Manuel V. Pangilinan said Leviste was already exploring the sale of his remaining shares to a foreign investor.
The latest disposal indicates that Leviste has continued reducing his exposure even as SPNEC moves forward under the control of the Meralco group.
The financial transactions are unfolding against a widening government examination of Leviste’s solar operations.
In May, the Department of Energy filed a complaint before the Department of Justice against Leviste and officials of Solar Para sa Bayan Corp., alleging violations connected to the company’s failure to fulfill obligations under its legislative franchise.
Energy Secretary Sharon Garin said the company had failed to comply with its obligations despite the passage of several years since the franchise was granted.
The controversy intensified in July when the Ombudsman announced that its investigators had recommended proceedings over allegations of plunder, graft and violations of laws governing public officials.
The Ombudsman said the investigation concerns alleged efforts to secure exclusive government rights over solar energy resources and the subsequent failure to develop numerous projects.
Leviste has rejected accusations surrounding his solar ventures and has previously argued that government actions and regulatory obstacles contributed to the failure of projects to proceed.
Legarda has likewise denied wrongdoing, calling the accusations baseless and saying no public funds were involved.
Leviste’s latest ₱3-billion disposal leaves him with an 11.51-percent stake in SPNEC, a sharp reduction from his earlier position in the company.
The timing places the transaction against an increasingly complicated backdrop: Leviste is simultaneously reducing his ownership in a major solar company while facing government scrutiny over other solar ventures associated with his business empire.
For SPNEC, meanwhile, the latest sale further consolidates the transformation of the company from a venture closely identified with Leviste into a renewable energy platform controlled by the Meralco group.
ia/xf
