MANILA, Philippines — Businessman Leandro Leviste intends to continue playing a key role in SP New Energy Corp. (SPNEC) despite the recent takeover of the group of tycoon Manuel V. Pangilinan in the company.
Leviste told The STAR in an interview that he is not keen on further paring down his group’s stake in SPNEC.
“We like to continue our active role in partnering with Meralco in SPNEC,” Leviste said.
“We are happy with our partnership with the MVP Group. We’re happy with our current sharing agreement,” he said.
Pangilinan also told The STAR earlier that his group has no current plans to further raise its stake in SPNEC.
Pangilinan’s Meralco PowerGen Corp., through MGen Renewable Energy Inc. (MGreen), along with Metro Pacific Investments Corp., has purchased shares in SPNEC.
The acquisition has bolstered MGreen and its affiliates’ stake in SPNEC to 55.96 percent
Prior to the change in control, SPNEC was majority owned by Solar Philippines, which is beneficially owned by Leviste.
Leviste is the founder of Solar Philippines and currently serves as vice chair of SPNEC.
Leviste’s Solar Philippines has sold over P6 billion worth of shares of SPNEC in the past year.
Solar Philippines and affiliates still own 20.6 billion shares of SPNEC valued at approximately P22 billion.
SPNEC, through subsidiary Terra Solar Philippines Inc., is developing the massive solar farm in Nueva Ecija and Bulacan, which will consist of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage.
It is poised to become the world’s largest solar project once completed.
SPNEC is currently looking to onboard foreign investors to support the company in the development of the P200-billion Terra Solar development.
About five foreign firms have already expressed interest in investing in Terra Solar, in which SPNEC is willing to sell as much as 40 percent.
“MVP said we will likely pick one or two (foreign investors). But if one, then maybe it can be a consortium,” Leviste said.