UK firm invests $600M in PH’s largest solar power project

Actis, a UK-based investment firm, has committed USD 600 million to the development of the Philippines' largest single-site solar power project, the Terra Solar initiative. The investment was formalized in a signing ceremony with Manila Electric Corporation (Meralco) and SP New Energy Corporation (SPNEC) at Meralco’s headquarters in Pasig City.

The Terra Solar project is set to become the most significant solar power facility in the Philippines and one of the largest in the world, with a capacity of 3,500 megawatts (MW) and a 4,500 MW-hour battery energy storage system. The project is seen as a crucial step toward addressing the country’s growing energy demands while advancing the shift toward renewable energy sources.

Torbjorn Caesar, Actis’ chair and senior partner, expressed the company’s excitement about the venture. “From Actis' side, we're very honored and excited to invest USD 600 million into what I believe is the largest foreign direct investment into greenfield infrastructure in the Philippines,” Caesar said during the event.

Meralco PowerGen Corporation president and CEO Emmanuel Rubio highlighted the project’s broader significance, noting that the partnership between Actis and Meralco will not only place the Philippines in the international spotlight but also elevate Meralco as a key player in the global renewable energy sector.

Rubio emphasized the project's environmental and social benefits, including the ability to power 2.4 million households and displace around 4 million tons of carbon dioxide annually. The Philippine Board of Investments (BOI) has also recognized the Terra Solar project, awarding it a green lane endorsement to expedite the necessary permits and licenses.

The Terra Solar project is expected to be a cornerstone of the Philippines' transition toward sustainable energy, supporting the government’s efforts to meet its renewable energy targets and contributing to global efforts in combating climate change.