PVTIME – The largest foreign direct investment (FDI) renewable energy project in the Philippines was recently signed between London-based private equity firm Actis, Manila Electric Company (Meralco) and its subsidiary Solar Philippines New Energy Corporation.
Picture: Acits
The project will be located on the Philippines’ main island of Luzon, about 100km from Manila, and will combine 3.5GWp of solar PV capacity with 4.5GWh of energy storage.
A groundbreaking ceremony was held in January 2024. Once in commercial operation in 2026 and 2027, the plant will provide 850MW of medium capacity to Meralco. It is expected to power approximately 2.4 million Philippine homes and reduce carbon emissions by approximately 3.6 million tonnes per year by displacing coal.
The Terra Solar project is currently wholly owned by Solar Philippines. Under the agreement, Actis has agreed to acquire 40% of the project with an investment of approximately $600 million. Pangilinan disclosed that the total value of the Terra Solar project will be approximately $4.0 billion, of which 75% will be financed through loans, while the remaining 25% will be equity financed by the Meralco Group and its partner Actis.
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