MANILA, Philippines — Businessman Leandro Leviste, through Provincia Investments Corp., is pouring in P15 billion more to create jobs in Batangas and other provinces.
The additional amount is on top of the initial P5-billion investments in Batangas of Countryside Investments Holdings Corp., another company wholly owned by the businessman.
The investments are primarily funded from the sale of secondary shares of listed SP New Energy Corp. (SPNEC).
Meralco PowerGen Corp. recently paid P6.7 billion to Leviste’s wholly owned Solar Philippines Power Project Holdings Inc. for the acquisition of 5.8 billion shares of SPNEC.
To date, Solar Philippines, which was founded by Leviste, has raised about P15 billion from its SPNEC shares.
It will continue to own approximately 29 percent of the company.
“We are grateful to our partners who have helped our business grow. Now that we have this capital, it is our responsibility to invest it to benefit as many of our countrymen as we can,” Leviste said.
Provincia is focused on making value investments in real estate and equities for industrial, commercial as well as energy and infrastructure-related developments.
For its investments, the company seeks to increase household incomes and propel the sustainable development of its target provinces by creating jobs in rural areas.
Provincia will work with Solar Philippines to develop its landbank in Batangas, Tarlac and Nueva Ecija.
The company’s first investments are also located in Batangas, Tarlac and Nueva Ecija, where SPNEC’s solar projects are concentrated.
In 2021, Provincia entered into a loan with Ayala’s ACEN Corp. to fund the acquisition of land in Tarlac. The loan has since been fully repaid.
It also recently acquired JJPNM Agro Industrial Corp., owner of the largest poultry farm in Nueva Ecija spanning 60 hectares.
The company said the land was valued at an attractive price net of the value of the poultry structures.
Earlier this year, Leviste’s Countryside Investments said it is investing over P5 billion to help boost development in rural Batangas.
Designed to create job opportunities, the investments are focused on sectors that promise high-impact benefits for the local economy, including energy, industrial and commercial projects.