The Terra Solar project is complemented by a 4.5 gigawatt-hour (GWh) battery energy storage system (BESS). Credit: Actis.

British investment firm Actis has signed a strategic partnership with Meralco Powergen Corporation (MGen) and its subsidiary Solar Philippines New Energy Corporation (SPNEC) to invest $600m (£458.55m) in the Philippines’ Terra Solar project.

Under the agreement, Actis will acquire a 40% equity stake in the project through the issuance of new shares by SPNEC.

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Lucy Heintz, partner, head of Energy Infrastructure at Actis, commented: “The scale of the Terra Solar Project and its capacity to provide clean power is enormous. It is the single biggest such project in the world, visible from space, and Actis’ investment in the project marks an exciting moment.

“As a new investor in the project, Actis will bring its decades’ worth of expertise investing in global-scale energy generation. We are in the business of building and operationalising world-class energy assets both to accelerate the energy transition and deliver value for our investors. This investment will do that, on a truly significant scale.”

This strategic partnership will channel the investment towards the joint development and expansion of the 3.5GW solar power plant, which is located approximately 100km from Manila.

The Terra Solar project boasts a significant 3.5GW-peak of solar photovoltaic capacity, complemented by a 4.5GWh BESS.

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The project is supported by a 20-year power supply agreement with Meralco for 850MW.

Due for completion by 2027, the Terra Solar project is expected to supply electricity to around 2.4 million households.

Its operation is expected to play a crucial role in reducing the Philippines’ carbon footprint, with an estimated annual reduction of 3.6 million tonnes of carbon emissions, primarily by replacing coal-fired power generation.

Manuel Pangilinan, chairman and CEO of the Manila Electric Company, the parent company of MGen, said: “Terra Solar is one of the most ambitious renewables projects the world has ever seen. We are looking forward to contributing to the government’s goal to have 35% of the country’s energy to come from renewable energy.”