This move, which was approved during a special stockholders’ meeting on Thursday, Jan. 16., ensures lenders have guaranteed assets tied to the repayment of project loans, bolstering financial confidence in the venture.
Terra Solar, with an estimated P200 billion project cost, is set to become the world’s largest solar and battery storage facility. It will feature 3,500 megawatts of solar capacity and 4,500 megawatt-hours of battery storage, spanning 3,500 hectares.
Meralco earlier teamed up with global investment firm Actis, which will invest $600 million (P34 billion) for a 40-percent stake in the Terra Solar project.
Signed last Sept. 6, 2024, the agreement represents the largest foreign direct investment in a greenfield infrastructure project in the Philippines.
