British fund seals $600 million investment in MTerra Solar

March 18, 2025 | 12:00am

MANILA, Philippines — UK-based investment house Actis has completed its $600-million “super deal” with tycoon Manuel V. Pangilinan’s Meralco Group, formalizing its entry into MTerra Solar in Central Luzon.

Meralco PowerGen Corp. (MGen), through SP New Energy Corp. (SPNEC), and Actis signed a subscription agreement this month for the sale of a 40-percent stake in Terra Solar Philippines Inc., which oversees the project.

The move marks the closing of the strategic deal announced in September last year, which Pangilinan regarded as a “super deal” for Meralco and the Philippines.

“Started as an ambitious project, MTerra Solar is moving toward the direction of providing meaningful contributions to the government’s goal to have about 35 percent of the country’s energy come from renewable energy,” said Pangilinan, who chairs Meralco, MGen and SPNEC.

“Our collaboration with Actis is a pathway to the Philippines’ goal of having clean energy for the Filipino people,” Pangilinan added.

The Meralco Group took over the project in 2023 after acquiring a controlling stake in SPNEC through MGen Renewable Energy Inc. (MGreen), the renewable power arm of MGen.

“With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable and cost-effective energy solutions,” MGen and SPNEC president and CEO Emmanuel Rubio said.

Actis is expected to offer its deep project execution and contract management expertise in the development of MTerra Solar, which is poised to become the world’s largest integrated solar and battery storage facility.

Straddling the provinces of Nueva Ecija and Bulacan, the $4-billion project consists of a 3,500-megawatt solar farm paired with a 4,500-MW-hour energy storage system.