NEWS

By Maria Bernadette Romero | Daily Tribune March 17, 2025 | 14:03

(PHOT: DAILY TRIBUNE)

Global investment firm Actis Rubyred (Singapore) Pte. Ltd. has completed its acquisition of a 40 percent stake in Terra Solar Philippines Inc. (MTerra Solar) for approximately $600 million.

Emmanuel V. Rubio, president and CEO of Meralco PowerGen Corp. (MGEN) and SP New Energy Corp. (SPNEC), which holds MTerra Solar, said on Monday that the deal helps provide the necessary capital to develop what could be the world’s largest solar and battery farm.

The investment represents the largest foreign direct investment in a single greenfield infrastructure project in the country.

“With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable, cost-effective energy solutions. This collaboration with Actis and MGEN strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient energy future,” Rubio said.

MTerra Solar, a subsidiary of MGEN Renewable Energy Inc. (MGreen) under MGEN, targets delivering 3,500 megawatts peak (MWp) of installed solar capacity and 4,500 megawatt-hours (MWh) of battery energy storage through its massive development.

To date, the company has secured an 850-megawatt (MW) contracted capacity over 20 years and is positioned as a key contributor to the country’s Renewable Portfolio Standards program.

“MTerra Solar is a marker of what’s possible regarding scale and ambition with renewable energy in Southeast Asia. It represents the largest such project in this fast-growing region, and we’re delighted to be partnering with MGEN and MGreen to deliver this critical project and accelerate the Philippines’ energy transition,” said Rahul Agrawal, partner and head of energy for Southeast Asia at Actis.

The MTerra Solar project officially broke ground in November 2024 and has since made significant progress.

Phase 1 land has been fully secured, and engineering, procurement, and construction (EPC) contracts have been awarded.

Meanwhile, construction of transmission lines remains on track for completion by late 2025. To support the project’s development, a syndicate of the country’s largest banks has committed P150 billion in project financing.

UBS AG Singapore Branch served as financial advisor to SPNEC, with Latham & Watkins and Picazo Law as international and domestic legal counsel. Morgan Stanley acted as financial advisor to Actis, with Milbank and SyCip Law providing legal counsel.

Source: Daily Tribune

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