British investor completes purchase of 40% in Terra Solar
UK-based investment firm Actis has completed its acquisition of a 40-percent stake in Meralco PowerGen Corp. (MGen)’s Terra Solar Philippines, Inc., with the deal providing a $600-million capital boost for the world’s largest solar power plant.
SP New Energy Corporation (SPNEC), MGen’s renewable energy vehicle spearheading the construction of the massive P200-billion solar farm straddling Nueva Ecija and Bulacan, announced this development in a filing to the local bourse on Monday.
MGen is the power generation arm of billionaire Manuel V. Pangilinan’s Manila Electric Co. (Meralco). Actis, meanwhile, is known in the global market for backing sustainable infrastructure.
The closing of the deal came more than six months after both parties inked a share subscription agreement in September 2024.
“Started as an ambitious project, MTerra Solar is moving towards the direction of providing meaningful contribution to the government’s goal to have about 35 percent of the country’s energy to come from renewable energy. Our collaboration with Actis is a pathway to the Philippines’ goal of having clean energy for the Filipino people,” Pangilinan, who serves as Meralco chair and CEO, said.
Energy future
Emmanuel Rubio, president and CEO of MGen and SPNEC, also said the solar farm would help the Philippines meet Filipinos’ growing electricity demand while “advancing a greener and more resilient energy future.”
Rahul Agrawal, head of Energy for Southeast Asia at Actis, said pursuing MTerra Solar shows the region’s commitment to renewable energy.
“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,” Agrawal said.
MTerra Solar is designed to have 3,500 MW of total capacity and a massive 4,500 megawatt-hour battery energy storage system (BESS).
Two Chinese firms—namely Power Construction Corp. of China Ltd. and Energy China—were tapped to lead the project’s engineering, procurement and construction. Chinese tech giant Huawei also clinched a deal to equip the power plant with BESS.
