Tycoon Pangilinan Secures $600 Million for Major Renewable Energy Project

Covering companies in the Philippines and other parts of Southeast Asia based in Manila.

SP New Energy, a subsidiary of Manila Electric, which includes investments from tycoon Manuel Pangilinan’s Metro Pacific Investments and billionaire Lance Gokongwei’s JG Summit, has successfully raised $600 million for its integrated solar and energy storage projects.

The massive Terra Solar project, valued at $3.5 billion, will combine 3.5 gigawatts of peak solar capacity with 4.5 gigawatt-hours of battery energy storage. Located 100 kilometers north of Manila, this development is set to be the largest integrated renewable energy and storage facility globally, according to Actis.

Lucy Heintz, partner and head of Energy Infrastructure at Actis, emphasized the significance of the project, stating, “The scale of Terra Solar and its clean energy capacity is unparalleled, making it the largest of its kind in the world, visible even from space.”