UK’s Actis to invest US$600 million in Solar project in Philippines
The Philippines’ Meralco Powergen Corporation (MGen) and its subsidiary Solar Philippines New Energy Corporation (SPNEC) have announced UK-based investment firm Actis as its partner for the 3.5-GW Terra Solar project located about 100 km from Manila, Philippines.
Under a strategic partnership, SPNEC will issue Terra Solar shares equivalent to a 40% equity stake for a total consideration of US$600 million to Actis. The proceeds will be used to jointly develop and expand the project. Terra Solar has a 3.5 GW-peak solar photovoltaic capacity with 4.5 gigawatt-hours of battery energy storage system. It is backed by a 20-year, 850 MW power supply agreement with Meralco. The project is expected to be completed by 2027 to provide electricity to approximately 2.4 million households. It is also seen to cut carbon emissions by 3.6 million tonnes per year by displacing coal.
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February 08, 2024
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Basic Energy Corp. signed a memorandum of understanding (MOU) with Japan’s Renova Inc. for the joint development of the 50-megawatt Mabini wind project in Mabini, Batangas, in the Philippines.
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July 13, 2023
Seraphim to supply solar modules for 300 MW solar project in Zambales
Chinese solar module manufacturer Seraphim Energy Group Co., Ltd. has signed a solar module supply agreement with Malaysia-based company ERS Energy Group of Companies for the development of a solar project in the Philippines.
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January 30, 2023
Construction started for 300 MW solar PV project in Philippines
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October 31, 2022
850 MW PPA signed for Solar PV project in Philippines
Prime Infra has signed a 20-year power supply agreement (PSA) with Manila Electric Co. (Meralco) to supply 850 MW of energy generated from its 2,500 MW to 3,500 MW solar photovoltaic (PV) system in the Philippines.
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