LEANDRO Antonio L. Leviste, founder of Solar Philippines Power Project Holdings, Inc., is investing over P15 billion in land development projects in Batangas, Tarlac, and Nueva Ecija.
The investment will be made through Mr. Leviste’s Provincia Investments Corp., Solar Philippines said in a statement posted on its Facebook page on Tuesday. Provincia is an affiliate of Solar Philippines.
Provincia, which is engaged in making investments in real estate and equities for industrial, commercial, energy- and infrastructure-related developments, will collaborate with Solar Philippines to develop its landbank in the three provinces.
The P15 billion is on top of the P5-billion investment previously made by Mr. Leviste’s Countryside Investments Holdings Corporation in Batangas.
Recently, Provincia acquired JJPNM Agro Industrial Corp., the owner of the largest poultry farm in Nueva Ecija spanning approximately 60 hectares.
The value of the transaction was not disclosed, but Provincia said the land was valued at an “attractive price net of the value of the poultry structures.”
Provincia’s investment will be funded by the sale of secondary shares of listed SP New Energy Corp. (SPNEC), which was also founded by Mr. Leviste.
Pangilinan-led Meralco PowerGen Corp. recently paid P6.7 billion for 5.8 billion shares of SPNEC that were held by Solar Philippines.
To date, Solar Philippines has raised about P15 billion from the sold SPNEC shares. It continues to own about 29% of SPNEC after the share sale.
SPNEC has solar projects in Batangas, Tarlac, and Nueva Ecija, which are also the locations of Provincia’s initial investments.
“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,” Mr. Leviste said.
In 2021, Provincia forged a P1-billion loan agreement with Ayala-led AC Energy Corp. to acquire land in Tarlac for solar projects. The loan has since been fully repaid.
Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael Ochave
