Actis invests $600M in MGen's Terra Solar Philippines

Global investment firm Actis has completed its acquisition of a 40% stake in Terra Solar Philippines Inc. (MTerra Solar), a subsidiary of Meralco PowerGen Corp. (MGen), for approximately $600 million.

This investment is intended to finance the development of what could be the world's largest solar and battery farm, a project by MTerra Solar.

The deal represents the largest foreign direct investment in a single greenfield infrastructure project in the Philippines.

MTerra Solar aims to deliver 3,500 megawatts peak (MWp) of installed solar capacity and 4,500 megawatt-hours (MWh) of battery energy storage.

The company has secured an 850-megawatt (MW) contracted capacity over 20 years and is expected to be a key contributor to the country's Renewable Portfolio Standards program.

MGen and SPNEC executives highlighted the investment as a significant stride in accelerating the Philippines' clean energy transition and meeting the country's increasing energy needs with a greener future.