The Board of Investments (BOI) has granted a green lane endorsement certificate to Terra Solar Philippines, Inc. (TSPI) for its ambitious Terra Solar project, which includes a 3,500 megawatts (MW) solar plant with a 4,500 MW battery energy storage system (BESS).
TSPI is a subsidiary of SP New Energy Corporation (SPNEC) and MGen Renewable Energy, Inc. (MGreen), the renewable energy arm of MGen, which is part of Manila Electric Company (MERALCO).
The firm highlighted that its massive solar power venture, covering 3,500 hectares in Bulacan and Nueva Ecija, is set to be the largest of its kind globally.
“Having the green lane certificate is a testament to our commitment to excellence, innovation, and environmental stewardship. It’s also a recognition of our collective efforts to prioritize and fast track projects that will accelerate the country’s low carbon transition —and this one is expected to deliver by February 2026,” Rubio said.
The project, registered with the BOI in July and valued at Php 185.28 billion, is anticipated to create 4,165 jobs.
On July 23, the Department of Energy (DOE) also awarded a Certificate of Energy Project of National Significance, highlighting its impact on the national energy landscape given its substantial capital investment above USD 59 million.
The company aims for the first phase of the project to be operational by February 2026, followed by the second phase in 2027.
“The basic objective of the Philippines now under this administration is not just to grow —we are already the fastest-growing economy in the region— but more importantly to transform the Philippine economy into a smart and sustainable hub for manufacturing and services, and exactly supporting that would be the sectors and industries that you are investing in,” BOI Undersecretary Ceferino Rodolfo said.
