Join daily news updates from CleanTechnica on e mail. Or follow us on Google News!
What is about to turn into the world’s largest photo voltaic and battery storage facility, the Meralco Terra Photo voltaic Undertaking (MTerra) within the Philippines, acquired a lift to hasten its completion when UK-based world funding agency Actis closed a PhP 348 billion ($600 million) funding not too long ago.
MTerra Photo voltaic is a subsidiary of Meralco PowerGen Company (MGEN) by its subsidiary SP New Vitality Company (SPNEC). As soon as accomplished, the photo voltaic arrays will cowl 3,500 hectares within the Nueva Ecija and Bulacan provinces within the northern and central Luzon province. This undertaking is a serious step within the nation’s renewable power efforts and purpose to shift the power combine away from fossil fuels.
The groundbreaking ceremony for the undertaking held on November 21, 2024, was led by President Ferdinand R. Marcos Jr. and Meralco Chairman and CEO Manuel V. Pangilinan, marking a major milestone within the undertaking’s improvement. This funding grants Actis a 40% fairness stake in MTerra Photo voltaic.
As of March 26, 2025, SPNEC secured a mortgage deal totaling PhP 150 billion ($2.6 billion) with six native banks to finance the development of the three,500-megawatt (MW) photo voltaic plant in Luzon, with the remaining P50 billion coming from inside funds. The Actis funding virtually seals the monetary necessities of the undertaking.
The primary part of the undertaking, with a goal capability of two,500 MW, is predicted to be accomplished by 2026, whereas the second part, with a capability of 1,000 MW, might go browsing by 2027 with a 4,500 MWh Battery Vitality Storage System (BESS) in place.
“This 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,” Rahul Agrawal, head of Vitality for Southeast Asia at Actis, instructed Lisbeth Manuel of the Philippine Day by day Inquirer.
Chinese language engineering
Two Chinese language companies, Energy Development Corp. of China Ltd. and Vitality China, have been tapped to steer the engineering, procurement, and building work, whereas Huawei has secured an settlement to equip the power with its battery power storage system.
The initiative can be anticipated to create as much as 10,000 jobs and generate practically PhP23 billion ($3.98 million) in monetary advantages over the following decade. Meralco has partnered with China Vitality Engineering Group Co., Ltd. for the undertaking’s engineering, procurement, and building, guaranteeing environment friendly execution.
Early adopter
Two years in the past, SP New Vitality Company (SPNEC), a.okay.a Photo voltaic Philippines, was an already established solar energy chief within the Philippines when its founder Leandro Leviste introduced plans to begin building of undertaking to broaden on its present Terra Photo voltaic Nueva Ecija power facility. Through the firm’s 2023 Annual Stockholders’ Assembly, Photo voltaic Philippines indicated that almost all of the agency’s capital elevating actions have been allotted to this undertaking.
In Might 2024, MGreen, being the renewable power division of Meralco, acquired a 50.5 p.c stake in SPNEC, which totally owned Terra Photo voltaic. Earlier than 2024 ended, MGreen elevated its shareholding to 55.96 p.c. Leviste transitioned from his function as president and CEO to vice chairman, put Philippine billionaire Manuel Pangilinan on the helm, and positioned MGreen on the forefront of the Terra Photo voltaic undertaking, which built-in a 4,000-megawatt-hour battery power storage system. SPNEC commenced building of the undertaking on January 1st. Now, Pangilinan is Chairman and President of SPNEC.
Land acquisition for the Terra Photo voltaic undertaking stays ongoing. Roughly half of the required land has been titled. Nevertheless, further land acquisition is important to ascertain seamless connectivity between the photo voltaic farm and the transmission amenities operated by the Nationwide Grid Company of the Philippines.
Upon its projected completion, the Terra Photo voltaic undertaking will surpass the mixed operational photo voltaic capability inside the Philippines, which presently stands at over 1,500 MW, in keeping with knowledge from the Division of Vitality. Moreover, the undertaking’s scale will exceed that of the Golmud Photo voltaic Park in China (2,800 MW) and the Bhadla Photo voltaic Park in India (2,250 MW), presently acknowledged because the world’s largest photo voltaic installations.
Whether or not you will have solar energy or not, please full our latest solar power survey.
Chip in just a few {dollars} a month to help support independent cleantech coverage that helps to speed up the cleantech revolution!
Have a tip for CleanTechnica? Need to promote? Need to recommend a visitor for our CleanTech Discuss podcast? Contact us here.
Join our day by day e-newsletter for 15 new cleantech stories a day. Or join our weekly one if day by day is just too frequent.
CleanTechnica makes use of affiliate hyperlinks. See our coverage here.
CleanTechnica’s Comment Policy
