Actis has acquired a stake in Terra Solar Philippines (MTerra Solar) with MGEN Renewable Energy (MGreen), through its subsidiary SP New Energy Corp. (SPNEC).
This marks the completion of the share subscription agreement between MTerra Solar and Actis, which was signed on Sept. 6, 2024, granting Actis the right to an equity stake in MTerra Solar for a total consideration of approximately $600 million.
MTerra Solar represents one of the largest mid-merit renewable-generation capacities in the Philippines, with 850 megawatts of contracted capacity spanning 20 years. The project aims to significantly contribute to the country’s renewable portfolio standards program. The government’s goal is to have 35 percent of the Philippines’ energy sourced from renewable sources by 2030.
“MTerra Solar is a marker of what’s possible in terms of scale and ambition with renewable energy in Southeast Asia,” said Rahul Agrawal, partner, head of energy for Southeast Asia a
