AFRY Appointed as Lenders’ Technical Advisor for Major Hybrid Solar Project in the Philippines

AFRY has been selected as the lenders’ technical advisor (LTA) for a landmark hybrid solar and battery energy storage project in the Philippines, which is set to become the largest of its kind globally, featuring 3,500 MWp of solar capacity coupled with 4,500 MWh of battery storage.

The project is being developed by Terra Solar Philippines Inc., a company backed by MGreen, the renewable energy arm of Meralco—the nation’s largest electricity distribution utility. The initiative is supported by a consortium of six major banks, which together appointed AFRY to provide comprehensive technical advisory services for both the development and construction phases.

Spanning six municipalities across the provinces of Nueva Ecija and Bulacan, the Terra Solar project marks a milestone in the Philippine energy sector. AFRY carried out the initial technical due diligence, a critical step that helped secure one of the largest financing packages ever arranged for an energy project in the country.

As the development progresses, AFRY will continue its role with construction monitoring through to project completion, followed by advisory support during the operational phase—covering operations and maintenance (O&M) as well as annual budget reviews.

The project will be developed in two phases, with target completion dates set for 2026 and 2027. Upon commissioning, the plant will be linked to the grid via a 13-kilometer 500 kV transmission line.

Once operational, Terra Solar is expected to deliver clean and reliable electricity to approximately 2.4 million households, while reducing carbon emissions by an estimated 4.3 million tonnes per year. Beyond decarbonization, the project will also strengthen grid reliability, enhance energy security, and support the long-term resilience of the Philippines’ energy infrastructure.

“The Terra Solar initiative represents a major advancement in achieving the Philippines’ energy goals—bolstering security, building resilience, and accelerating the shift toward a low-carbon future,” said Petteri Harkki, AFRY’s Regional Director for Asia. “We are proud to bring our expertise as LTA to such a transformative project that promises lasting environmental and economic impact.”