SP New Energy Corporation (SPNEC) has secured a Php 150 billion, 15-year Omnibus Loan and Security Agreement (OLSA) through its subsidiary, Terra Solar Philippines Inc. (MTerra Solar), marking a major financial milestone for the company’s renewable energy initiatives.
The loan, backed by six leading banks—BDO Unibank Inc., Bank of the Philippine Islands, Philippine National Bank, Security Bank Corporation, China Banking Corporation, and Metropolitan Bank & Trust Company (Metrobank)—will finance the ongoing development of an integrated solar photovoltaic (PV) facility and a Battery Energy Storage System (BESS).
“The OLSA will fund the ongoing development of its integrated solar photovoltaic (PV) facility and Battery Energy Storage System (BESS),” said the firm in a regulatory filing.
BDO Capital & Investment Corporation acted as the lead arranger and bookrunner for the agreement, with BDO Unibank Inc. Trust and Investments Group serving as the facility agent and security trustee. Legal counsel for MTerra Solar was provided by Picazo Buyco Tan Fider & Santos, while Romulo Mabanta Buenaventura Sayoc & De Los Angeles represented the banks in the transaction.
The funding will enable the expansion of large-scale solar power generation and storage capabilities, reinforcing the country’s transition to renewable energy and ensuring a more stable and sustainable power supply.
With this financial backing, MTerra Solar aims to accelerate its solar infrastructure projects, strengthening the Philippines’ energy security while reducing dependence on fossil fuels.
As the country moves toward cleaner energy solutions, how do you see the role of large-scale solar investments shaping the future of power generation? Share your thoughts at Power Philippines.
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