Electric power distribution company Manila Electric Company (Meralco) has increased its stake in SP New Energy Corporation (SPNEC), the largest solar energy provider in the Philippines.

According to a transaction notice, 10.8 billion exchangeable shares have been transferred from SPNEC to Meralco’s MGen Renewable Energy Inc (MGreen), the renewable energy arm of Meralco PowerGen (MGen), via a block sale through the Philippine Stock Exchange.

The shares have been sold by SPNEC founder Leandro Leviste via his wholly-owned subsidiary Solar Philippines Power Project Holdings (SPPPHI) for a total of PHP 13.76 billion ($233.5 million).

According to an update posted by Solar Philippines, the transaction relates to two exchangeable note agreements executed between MGreen and Leviste in September 2024 and March 2025 for the sale of 5 billion and 5.8 billion shares, respectively.

“As a result, Meralco’s ownership in SPNEC has increased to 28.71 billion shares or 57.33% of SPNEC and Leviste’s ownership has decreased to 9.35 billion shares or 18.66% of the company's common shares,” Solar Philippines’ update adds.

Leviste was elected a congressman in the Philippine district of Batangas in May this year and announced he will divest his shares in SPNEC a month later. Total proceeds are expected to reach PHP 34 billion.

SPNEC is developing the world’s largest solar-plus-battery storage project under construction via its affiliate Terra Solar Philippines Inc. MGen previously reported that the Terra Solar project, consisting of 3.5 GW of solar and 4.5 GWh of storage, is progressing ahead of schedule, with the first phase of works set for completion next year.