Actis to Participate in 3.5 GW Philippine Solar-Plus-Storage Project

UK investment firm Actis announced today that it has agreed to invest in the Terra Solar Project in the Philippines which is planned to accommodate 3.5 GWp of solar capacity and 4.5 GWh of battery energy storage systems (BESS).

The strategic partnership, described as the largest foreign direct investment for a greenfield infrastructure project in the country, was agreed with Manila Electric Company, or Meralco, and its subsidiary Solar Philippines New Energy Corp, which owns 100% of the project.

The agreement was signed at a ceremony in Pasig City, Philippines. Further transaction details were not provided.

Touted as the largest integrated renewables and energy storage project in the world, Terra Solar is located on the island of Luzon, about 100 kilometres (62 mi) from Manila.

The complex, which will span around 3,500 hectares, is expected to produce enough electricity to meet the needs of about 2.4 million households. Meralco has already contracted 850 MW of the site’s output under a 20-year contract.

Solar Philippines announced the gigawatt-scale project expansion plan in 2022. The first phase of the PHP-200-billion (USD 3.56bn/EUR 3.21bn) project is expected to be completed by the first quarter of 2026, according to an earlier statement.

“The scale of the Terra Solar Project and its capacity to provide clean power is enormous. It’s the single biggest such project in the world, visible from space, and Actis’ investment in the project marks an exciting moment. As a new investor in the project, Actis will bring its decades’ worth of expertise investing in global scale energy generation,” said Lucy Heintz, partner and head of energy infrastructure at Actis.