UK Firm Invests USD 600 Million in Largest Solar Project in the Philippines

Oct 2024

In a significant development for the renewable energy sector, UK-based investment firm Actis has committed USD 600 million to the Philippines’ largest solar power project, Terra Solar. The project, a partnership with Manila Electric Company (Meralco) and Solar Philippines New Energy Corporation (SPNEC), aims to generate 3,500 megawatts (MW) of solar power with a 4,500 MW-hour battery energy storage system. This will provide clean energy to approximately 2.4 million households and reduce carbon emissions by 3.6 million tonnes annually.

Terra Solar, located in Luzon, marks the largest foreign direct investment in greenfield infrastructure in the Philippines. It also aligns with the government’s goal of generating 35% of its energy from renewable sources by 2030. The project is backed by a 20-year power supply agreement with Meralco, further solidifying the country’s commitment to sustainable energy.

Actis’ investment underscores the growing interest in renewable energy within Southeast Asia. The project is expected to create 10,000 jobs and accelerate the Philippines’ energy transition, reinforcing its position as a leader in the global renewable energy space.

(Sources: Philippine News Agency, Actis)

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