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MGen Renewable Energy Inc. (MGreen), through its subsidiary unit SP New Energy Corp. (SPNEC), announced that Singapore-based Actis Rubyred Pte. Ltd. has closed its investment stake in Terra Solar Philippines Inc.
In a statement on Monday, March 17, Meralco PowerGen Corp. (MGen) reported that Actis’ Philippine subsidiary, Actis Rubyred Holdings Inc., had wrapped up its share subscription agreement with Terra Solar to a total of $600 million or approximately ₱34.37 billion.
This grants Actis a 40-percent equity stake in Meralco Terra (MTerra) solar project in Nueva Ecija and Bulacan, following their initial signed agreement in September 2024.
As a global investor in sustainable infrastructure, Actis will work together with MGen and MGreen to develop and expand MTerra Solar, which is slated to be the world’s largest solar facility with 3,500 megawatt-peak (MWp) installed PV capacity and 4,500 MW-hour (MWh) installed battery energy storage system (BESS) capacity.
Emmanuel Rubio, president and chief executive officer of MGen and SPNEC, described this as a landmark investment, which would help boost clean energy transition in the country.
“This collaboration with Actis and MGen strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient energy future,” he added.
Rahul Agrawal, partner and head of energy for Actis Southeast Asia, commended the recent partnership, stating that “MTerra Solar is a marker of what’s possible in terms of scale and ambition with renewable energy (RE) in Southeast Asia. It represents the largest such project in this fast-growing region, and we’re delighted to be partnering with MGen and MGreen to deliver this critical project and accelerate the Philippines’ energy transition.”
MTerra Solar is set to bring 850 MW worth of contracted capacity over the next 20 years, which is vital to significantly contribute to the Philippines’ renewable portfolio standards program.
The project broke ground last November 2024, with the phase-one notice-to-proceed already presented to its contractors. It is slated to begin operations in the first quarter of 2026.
Project financing had been secured earlier through a ₱150-billion omnibus loan and security agreement (OLSA) with six local banks.
Manuel V. Pangilinan, chairman and chief executive officer of Manila Electric Co. (Meralco), believed that these investments would drive green benefits to the country.
“Started as an ambitious project, MTerra Solar is moving towards the direction of providing meaningful contribution to the government’s goal to have about 35 percent of the country’s energy to come from RE. Our collaboration with Actis is a pathway to the Philippines’ goal of having clean energy for the Filipino people,” he elaborated.
MGreen is an RE unit of MGen and is under Meralco. Recently, MGen expressed a potential backdoor listing for MGreen, with possible asset injections into SPNEC.
