Actis has finalised a USD600 million investment in Terra Solar Philippines Incorporation (MTerra Solar) through MGEN Renewable Energy Incorporation (MGreen), a subsidiary of Meralco PowerGen (MGEN). The agreement initially signed on 6 September 2024, grants Actis an equity stake in MTerra Solar, one of the largest renewable energy projects in the Philippines, with 850 MW contracted capacity over 20 years. The investment marks the country’s largest foreign direct investment in a greenfield infrastructure project.
MTerra Solar will have 3,500 MWp of solar PV capacity and 4,500 MWh of battery energy storage once completed. The project supports the Philippines’ Renewable Portfolio Standards program, aiming for 35 per cent renewable energy by 2030. Groundbreaking took place in November 2024, and construction is progressing toward a Q1 2026 commercial operation date. Financing includes PHP150 billion from major Philippine banks. The investment aligns with Meralco’s target of achieving 1,500 MW of renewable capacity by 2030.