NEWS

By Raymond Tribdino | Clean Technica

An existing solar energy facility. (Photo from Solar Philippines.)

What is set to become the world’s largest solar and battery storage facility, the Meralco Terra Solar Project (MTerra) in the Philippines, got a boost to hasten its completion when UK-based global investment firm Actis closed a PhP 348 billion ($600 million) investment recently.

MTerra Solar is a subsidiary of Meralco PowerGen Corporation (MGEN) through its subsidiary SP New Energy Corporation (SPNEC). Once completed, the solar arrays will cover 3,500 hectares in the Nueva Ecija and Bulacan provinces in the northern and central Luzon province. This project is a major step in the country’s renewable energy efforts and aim to shift the energy mix away from fossil fuels.

Arch at the boundary of Nueva Ecija and Bulacan in the Philippines. (Photo by Raymond Tribdino | CleanTechnica.)

The groundbreaking ceremony for the project held on November 21, 2024, was led by President Ferdinand R. Marcos Jr. and Meralco Chairman and CEO Manuel V. Pangilinan, marking a significant milestone in the project’s development. This investment grants Actis a 40% equity stake in MTerra Solar.

As of March 26, 2025, SPNEC secured a loan deal totaling PhP 150 billion ($2.6 billion) with six local banks to finance the construction of the 3,500-megawatt (MW) solar plant in Luzon, with the remaining P50 billion coming from internal funds. The Actis investment practically seals the financial requirements of the project.

The first phase of the project, with a target capacity of 2,500 MW, is expected to be completed by 2026, while the second phase, with a capacity of 1,000 MW, may go online by 2027 with a 4,500 MWh Battery Energy Storage System (BESS) in place.

Source: Clean Technica

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