Actis has agreed to enter a strategic partnership with Manila Electric Company (Meralco) and its subsidiary, Solar Philippines New Energy Corp., to invest in the Terra Solar Project, which is poised to be the largest integrated renewables and energy-storage project in the world.
Solar Philippines New Energy Corp. owns 100 percent of the project. The transaction represents the largest foreign direct investment for a greenfield-infrastructure project in the Philippines and reflects Actis’ focus on enabling a global-energy transition. The firm will bring its experience in contracting, building and operating infrastructure assets to the project.
The Terra Solar Project, which is located on the Philippines’ main island of Luzon, will combine 3.5 gigawatts peak of solar PV capacity with 4.5 gigawatt hours of battery-energy storage system and covers approximately 3,500 hectares (8,649 acres) — or the equivalent of 83,300 basketball courts.
The project is backed b