MGen secures P150B loan for solar-battery project

Meralco PowerGen Corporation (MGen) announced on Tuesday that it had secured a P150 billion loan to fund the country's largest integrated solar and battery energy storage project.

The financing deal was arranged 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 3,500 MWp solar and 4,500 MWh battery energy storage project is 35 percent complete with Phase 1 expected to be completed by 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 with ongoing developments such as substation construction, solar panel assembly, and transmission line work.