Meralco PowerGen Corporation (MGEN), through its subsidiary Terra Solar Philippines Inc. (MTerra Solar), has sealed a PHP 150 billion financing agreement with six of the country’s top banking institutions to fund the MTerra Solar Project.
Spanning four municipalities in Nueva Ecija and Bulacan, the project will deliver 3,500 megawatts peak (MWp) of solar energy and 4,500 megawatt-hours (MWh) of battery energy storage capacity—marking it as the largest of its kind globally. Once operational, it is expected to supply renewable power to 2.4 million households and help avoid 4.3 million tons of carbon emissions annually.
As of March 2025, the project had reached 35% completion. Phase 1, which includes solar panel structure assembly, substation construction, and transmission line development, is slated for commercial operation in Q1 2026. Under a Power Supply Agreement, 850 MW of mid-merit power will be supplied to Meralco.
“This project is a critical step in meeting the country’s goal of 35% renewable energy share by 2030, and 50% by 2050,” the company said.
The syndicated loan was arranged with BDO Unibank, Inc., Security Bank Corporation, China Banking Corporation, Philippine National Bank, Metropolitan Bank & Trust Company, and Bank of the Philippine Islands. BDO Capital & Investment Corporation acted as the sole mandated lead arranger, while BDO’s Trust and Investments Group served as facility agent and security trustee.
What does this massive investment mean for the Philippines’ energy transition? Will it set a precedent for future large-scale renewables? Share your thoughts on this groundbreaking development.
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