Terra Solar secures ₱150B loan for 3,500 MW solar project

Meralco PowerGen Corporation (MGen) announced that its affiliate, Terra Solar Philippines, Inc., has secured a ₱150 billion loan to fund the country's largest integrated solar and battery energy storage project.

The 3,500 MWp solar and 4,500 MWh battery energy storage system will be funded by six local banks: BDO Unibank, Security Bank Corporation, China Banking Corporation, Philippine National Bank, Metropolitan Bank & Trust Company, and Bank of the Philippine Islands.

As of late March, the project is 35 percent complete with a projected completion date for Phase 1 in the first quarter of 2026.

Upon completion, MTerra Solar will supply 850 MW of renewable energy to Meralco under a Power Supply Agreement and power at least 2.4 million households while reducing carbon emissions by 4.3 million tons annually.

The project spans across four municipalities in Nueva Ecija and Bulacan and includes ongoing developments such as substation construction, solar panel assembly, and transmission line work.