Actis, a global investor in sustainable infrastructure, has secured a 40 percent stake in MTerra Solar Philippines Inc. through its subsidiary, Actis Rubyred (Philippines) Holdings Inc., in partnership with Meralco PowerGen Corp. (MGEN) and its renewable energy unit, MGreen.
MTerra Solar, backed by MGEN and MGreen, aims to accelerate solar and battery storage development, reinforcing Manila Electric Co.'s (Meralco) broader push for sustainable and cost-effective energy solutions in the Philippines.
Management’s view
“This landmark investment marks a major step forward in our mission to accelerate the clean energy transition in the Philippines,” said Emmanuel V. Rubio, president and CEO of MGEN and SP New Energy Corp.
“With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable, and cost-effective energy solutions. 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.
Large-scale investments
• MTerra Solar will have 3,500 megawatts-peak (MWp) of solar capacity and 4,500 megawatt-hours (MWh) of battery storage once fully commissioned.
• The project includes a 20-year contract for 850 megawatts of renewable energy generation, securing long-term contributions to the Philippines’ Renewable Portfolio Standards program.
• Actis will work alongside MGEN and its renewable energy unit MGreen to accelerate clean energy development in the country.
“MTerra Solar is a marker of what’s possible in terms of scale and ambition with renewable energy 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,” said Rahul Agrawal, partner and head of energy for Southeast Asia at Actis.
Largest foreign investment in a greenfield energy project
This transaction represents the largest foreign direct investment in a single greenfield renewable energy project in the Philippines. It underscores growing confidence in the country’s energy transition strategy and highlights the Philippines’ strong potential for solar and battery storage development.
Development is moving ahead
Significant progress has been made in bringing MTerra Solar online by the first quarter of 2026. Key milestones include:
• Groundbreaking led by President Ferdinand Marcos Jr. in November 2024.
• Full land acquisition for Phase 1, with major engineering, procurement, and construction contracts awarded.
• Transmission line construction on track for completion by late 2025.
• P150 billion in project financing secured from the country’s largest banks.
