The parties signed the agreement on Friday (Sept. 6, 2024), and the transaction is expected to be completed by early 2025, subject to necessary approvals.
Actis, known for investing in sustainable infrastructure, sees this project as a major opportunity in the growing clean energy sector. Terra Solar is set to become the largest solar and battery storage project in the world when it is completed in 2027.
SPNEC will issue shares in Terra Solar to Actis, with proceeds to be used to help complete the project, which will cost a total of $3.5 billion.
Terra Solar is an ambitious renewable energy project with 3,500 megawatts of solar power capacity and 4,500 megawatt-hours of battery storage, covering about 3,500 hectares. It aims to supply clean energy to around 2.4 million households in the Philippines.
UBS AG Singapore Branch served as the financial advisor to SPNEC, while Latham & Watkins and Picazo Law provided international and domestic legal counsel, respectively.
