In a statement, its main proponent, Manila Electric Co. (Meralco), said that this $4-billion development is spearheaded by Terra Solar Philippines Inc. (TSPI) in partnership with Meralco PowerGen Corp. (MGEN) and SP New Energy Corp. (SPNEC).
President Marcos and Meralco chair Manuel Pangilinan led the groundbreaking ceremony on November 21, 2024, joined by executives from TSPI, SPNEC, and MGEN.
“This landmark project will put our country on the map as a leader in renewable energy,” Marcos said, emphasizing the initiative’s significance in addressing the dual challenges of rising energy demand and climate change.
The MTerra Solar Project features a 3,500 megawatt-peak (MWp) solar photovoltaic (PV) system paired with a 4,500 megawatt-hour (MWh) battery energy storage system.
Upon completion, it will deliver clean energy to 2.4 million households, avoiding 4.3 million tons of carbon emissions annually — the equivalent of removing over 3 million gasoline-powered vehicles from the roads.
This undertaking supports the Philippine government’s goal of increasing the renewable energy mix to 35 percent by 2030 and 50 percent by 2040. Currently, renewable sources account for nearly 30 percent of the country’s energy capacity.
A major financial milestone for the project is the $600-million investment from UK-based Actis, representing the largest foreign direct investment in a greenfield infrastructure project in the Philippines.
TSPI also awarded the engineering, procurement, and construction contract to China Energy Engineering Corporation and partnered with Meralco Industrial Engineering Services Corp. for grid connectivity.
The MTerra Solar Project will initially supply 600 megawatts (MW) of power by February 2026, with an additional 250 MW by February 2027, under a 20-year supply agreement with Meralco. This ensures compliance with the Department of Energy’s renewable portfolio standards and supports Meralco’s goal of sourcing 1,500 MW from renewable energy.
Beyond its environmental impact, the project will generate 10,000 jobs during construction and contribute P23 billion in community benefits over the next decade, including taxes and indirect economic opportunities.
“The Philippines is not only keeping pace with the global energy transition but showing its intention to lead,” said Pangilinan.
