The investment firm Actis has signed a strategic partnership with Manila Electric Company (Meralco), the Philippines’ largest distribution utility, and its subsidiary, Solar Philippines New Energy Corporation (SPNEC), to invest US$600m in the 3.5 GW Terra Solar project, located about 100 km from Manila, in the Philippines. The project also features 4.5 GWh of battery energy storage systems (BESS) and is backed by a 20-year, 850 MW (for 12-hours daily on average) power supply agreement (PSA) with Meralco.
This strategic partnership will channel the investment towards the joint development and expansion of the solar PV power plant and BESS. Under the agreement, Actis will notably acquire a 40% equity stake in the project through the issuance of new shares by SPNEC.
At the end of 2023, the Philippines had a total installed capacity of 28 GW, of which solar represented a little more than 5% (1.6 GW).
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