Energy giants Manuel V. Pangilinan and Leandro Leviste are considering a new large-scale solar project as a supplementary initiative to their Php 200-billion Terra Solar development.

In a Philippine Star report, Pangilinan said discussions are ongoing for Terra Solar 2, which could be located in Batangas or another area in South Luzon. 

While Terra Solar 2 may not match the scale of its predecessor, the MERALCO chairman noted that it would still span several thousand hectares.

The original Terra Solar project, which broke ground in November 2023, covers 3,500 hectares across Nueva Ecija and Bulacan. The first phase of Terra Solar is expected to be completed by 2026, with the second phase scheduled for 2027.

Meanwhile, Leviste’s group reportedly already owns property in the proposed site, although no final decision has been made.

Developed by SP New Energy Corporation (SPNEC) through Terra Solar Philippines Inc., the project will deliver 3,500 megawatts-peak (MWp) of solar power to the Luzon grid, supported by a 4,500 megawatt-hour (MWh) battery energy storage system.

Terra Solar 2 will remain under SPNEC, which is set to be renamed MGen Renewable Energy Inc. (MGreen) as part of a potential backdoor listing of the renewable energy arm of Meralco PowerGen Corporation (MGen).

Pangilinan also expressed interest in further increasing his group’s stake in SPNEC, noting that the move could be completed within the year.

In September 2024, MGen acquired an additional 5.8 billion shares of SPNEC, raising its total investment to Php 27.9 billion and securing a controlling 50.5 percent stake in the company.

SPNEC recently announced that its parent company, MGen, is evaluating the possibility of an initial public offering (IPO) for MGreen, which may involve injecting assets into SPNEC.

MGen has already approved the hiring of professional advisors to assess the feasibility and structure of the potential IPO.

As Pangilinan and Leviste push for more renewable energy initiatives, the proposed Terra Solar 2 underscores their commitment to expanding solar power infrastructure in the Philippines.