Lucy Heintz, Partner, Head of Energy Infrastructure at Actis, commented: “Actis specialises in building and operationalising energy assets both to accelerate the energy transition as we seek to deliver value for our investors. We are resolute in achieving these goals, and this project is expected to do just that and provides an excellent illustration of how we look to deliver a clean energy future at scale.”

“This landmark investment marks a major step forward in our mission to accelerate the clean energy transition in the Philippines. With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable, and cost-effective energy solutions. This collaboration with Actis and MGEN strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient energy future,” said Emmanuel V. Rubio, President and CEO of MGEN and SPNEC. 

MGreen is the renewable energy arm of Meralco PowerGen Corporation (MGEN), which is a wholly owned subsidiary of Manila Electric Company (Meralco). This strategic investment will support MGEN’s mission to accelerate the clean energy transition in the Philippines.

Actis, a leading global investor in sustainable infrastructure with deep project execution and contract management expertise, will work together with MGEN and MGreen, to jointly develop and expand MTerra Solar, which will have 3,500MWp of installed PV capacity and 4,500MWh of installed BESS capacity once fully commissioned.

Significant development progress has been made with MTerra Solar. Groundbreaking was led by President Ferdinand R. Marcos Jr. in November 2024, and Phase 1 Notice-to-Proceed has already been issued to contractors. Continued progress has been made on all fronts towards achieving the scheduled COD by the first quarter of 2026: (i) Phase 1 land has been fully secured; (ii) EPC contracts have been awarded to leading engineering and construction companies; (iii) construction of transmission line is on track for completion towards end of 2025; and (iv) PHP 150 billion of committed Project Financing has been signed with a syndicate of the largest Philippine banks.

MTerra Solar forms a significant part of Meralco’s commitment to support the government’s goal to have 35% of the Philippines’ energy being sourced from renewable energy by 2030. MTerra Solar is also part of several pipeline projects of MGEN to have more than 1,500 MW of attributable RE capacity by 2030.

With this partnership, Actis joins the Meralco group in a shared goal to drive the growth of renewable energy and enhance the energy security of the Philippines. The investment is also expected to play a key role in the country’s long-term decarbonisation efforts, supporting the Philippines’ transition to a more sustainable and resilient energy system.

“Started as an ambitious project, MTerra Solar is moving towards the direction of providing meaningful contribution to the government’s goal to have about 35% of the country’s energy to come from renewable energy. Our collaboration with Actis is a pathway to the Philippine’s goal of having clean energy for the Filipino people,” Meralco Chairman and CEO Manuel. V. Pangilinan said.

UBS AG Singapore Branch acted as financial advisor to SPNEC. Latham & Watkins and Picazo Law acted as international and domestic legal counsel to MGreen and SPNEC. Morgan Stanley acted as financial advisor while Milbank and SyCip Law acted as international and domestic legal counsel, respectively, to Actis.

ENDS

Disclaimer

The statements made by Actis executives are as at 17 March, 2025 and are not necessarily representative of the views of executives of portfolio companies in which Actis has invested.

Performance not guaranteed: Any forward-looking statements, forecasts, estimates or projections herein are based upon current assumptions, may be simplified and may depend upon events outside of the control of the Actis group and Actis does not undertake any obligation to update them. Changes to any assumptions may have a material impact on forward-looking statements, forecasts, estimates or projections. Actual outcomes may therefore be materially different from any forward-looking statements, forecasts, estimates or projections herein. We therefore wish to caution you against placing undue reliance on any forward-looking statements, forecasts, estimates or projections herein. These assumptions and judgements may or may not prove to be correct and there can be no assurance that any forward-looking statements, estimates, forecasts or projections are attainable or will be realised. Actis does not assume responsibility for verifying any of such forward-looking statements, forecasts, estimates and projections. Accordingly, neither Actis nor any of its affiliates, directors, partners, employees or advisers nor any other person, shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this press release and any such liability is expressly disclaimed.

Market view: General discussions contained herein regarding the market or market conditions represent the views of Actis. Such information is not research and should not be treated as research and is included in order to provide a framework to assist in the implementation of a recipient’s own analysis and a recipient’s own views on the topic discussed. Moreover, there is no assurance historical trends will continue. Historic market trends are not reliable indicators of actual future market behaviour or future performance of any particular investment which may differ materially and should not be relied upon as such. Nothing contained herein is intended to predict the performance of any investment. There can be no assurance that actual outcomes will match the assumptions or that actual outcomes will match any expected outcomes. The information contained herein is as of 17 March, 2025 unless otherwise indicated, is subject to change, and Actis assumes no obligation to update the information herein.

Case studies: Any case studies (or other selected transactions) herein are presented for informational purposes only and are intended to be illustrative of the types of investments that have been made by the Actis funds and/or that may be made by the Actis funds in the future. However, there can be no assurances that any investments of the type included in the case studies or otherwise featured herein will be available to, or approved by the investment committee of, any Actis fund. Case studies and other selected transactions may not be representative of all transactions of a given type or of investments generally. Nothing herein should be considered a recommendation of any particular security, portfolio company, or transaction. There can be no assurance that any Actis fund will be able to implement its investment strategy or achieve its investment objective, or that this investment would be profitable or avoid substantial losses. The strategies described herein may not be suitable for all investment goals. All investments carry a risk of loss.