Regional Power: Actis invests in world’s largest solar PV and energy storage project in the Philippines

By Romel S. Gurky

Actis, a global investor in sustainable infrastructure, has announced its strategic partnership with Manila Electric Company (Meralco) and its subsidiary Solar Philippines New Energy Corporation (SPNEC) to invest in the Terra Solar Project. This initiative, the world’s largest integrated renewables and energy storage project, marks the largest foreign direct investment for a greenfield infrastructure project in the Philippines.

Located in Luzon, about 100km from Manila, the Terra Solar Project will combine 3.5GWp of solar photovoltaic (PV) capacity with 4.5GWh of battery energy storage. Covering approximately 3,500 hectares, the project will supply electricity to 2.4 million households and reduce carbon emissions by 3.6 million tonnes annually by replacing coal-based power generation. A 20-year power supply agreement (PSA) for 850MW (for an average of 12 hours per day) has been signed with Meralco, the Philippines' largest utility.

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This project supports the Philippines’ goal of increasing renewable energy generation to 35% by 2030. The Terra Solar Project will also create more than 10,000 jobs, furthering the country’s economic development.

Actis, a major global energy transition investor, has committed US$9 billion to energy projects worldwide, with over half of its 36GW generation capacity coming from renewable sources.

Editing by Alexander Ginting