SP New Energy Corp. (SPNEC) founder Leandro Leviste has sold 10.83 billion shares in the listed solar firm to MGen Renewable Energy, Inc. (MGreen), a subsidiary of Meralco PowerGen Corp. (MGEN), for PHP 13.76 billion.

In a disclosure to the Philippine Stock Exchange, SPNEC said the shares were transferred by Solar Philippines Power Project Holdings, Inc. to MGreen following the maturity of two exchangeable loans previously extended by the Meralco unit. The block sale was executed on October 27, 2025.

The deal increases MGreen’s holdings in SPNEC to about 28.71 billion common shares, or 57.33% of the company’s outstanding capital stock. Leviste now retains around 9.35 billion shares, or 18.66%.

“The transfer was made following the maturity of the exchangeable loans previously extended by MGreen to Solar Philippines Power Project Holdings, Inc.,” SPNEC said in its SEC Form 17-C filed on October 28.

For Meralco, the acquisition consolidates its control over one of the country’s largest renewable-energy developers. The utility giant has now invested over PHP 34 billion in SPNEC, including its PHP 15.9-billion subscription to primary shares that funded the 3,500-megawatt MTerra Solar project in Nueva Ecija and Bulacan, touted as the world’s largest solar-battery facility.

With Meralco now firmly in control of SPNEC, how could this reshape the renewable-energy landscape in the Philippines?

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