Daily News
$600M Secured for Massive Solar-Storage Project in the Philippines
UK investment firm Actis has finalised its $600 million investment in Terra Solar Philippines Inc., securing an equity stake in a ground-breaking GW-scale solar and energy storage project. Known as MTerra Solar, this initiative is set to become the world’s largest integrated renewables and energy storage complex.
Spanning 3,500 acres on the island of Luzon, approximately 100km from Manila, the project will feature 3.5 GWp (gigawatt-peak) of solar capacity alongside 4.5 GWh (gigawatt-hours) of battery energy storage systems. Once operational, the hybrid park is expected to generate enough electricity to power around 2.4 million households. Additionally, Meralco has already committed to purchasing 850 MW (megawatts) of the site’s output under a 20 year contract.
Construction on the MTerra Solar project is already in progress, following the issuance of a notice to proceed to contractors in November. Alongside the development of the solar and energy storage facilities, work is also underway on a dedicated transmission line, which is expected to be completed by the end of 2025. This critical infrastructure will ensure the efficient delivery of renewable power from the massive hybrid park to millions of consumers.
Rahul Agrawal, Head of Energy for Southeast Asia at Actis, said: “MTerra Solar is a marker of what’s possible in terms of 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.”
Actis has highlighted that its investment represents the largest foreign direct investment in a single greenfield infrastructure project in the Philippines. The landmark deal underscores the country’s growing appeal to global investors in the renewable energy sector and reinforces its commitment to expanding clean energy capacity to meet rising electricity demand.
As solar projects continue to expand globally, the demand for skilled professionals in the renewable energy sector is rising. The Institute’s accredited Solar Energy Consultant Expert Certificate equips individuals with the expertise needed to navigate this growing industry, providing you with the technical knowledge required to advance your career in renewables.
Sources: