Actis has accomplished its acquisition of a 40-percent stake in Meralco PowerGen Corp. (MGen)’s P200-billion photo voltaic facility in Luzon. INQUIRER FILE PHOTO
MANILA, Philippines – UK-based funding agency Actis has accomplished its acquisition of a 40-percent stake in Meralco PowerGen Corp. (MGen)’s Terra Photo voltaic Philippines, Inc., with the deal offering a $600-million capital increase for the world’s largest solar energy plant.
SP New Vitality Company (SPNEC), MGen’s renewable vitality automobile spearheading the development of the huge P200-billion photo voltaic farm straddling Nueva Ecija and Bulacan, introduced this improvement in a submitting to the native bourse on Monday.
READ: Meralco unit names UK-based Actis as accomplice for P200-B Terra Photo voltaic park
MGen is the ability technology arm of billionaire Manuel V. Pangilinan’s Manila Electrical Co. (Meralco). Actis, in the meantime, is thought within the world marketplace for backing sustainable infrastructure.
The closing of the deal got here greater than six months after each events inked a share subscription settlement in September 2024.
“Began as an formidable challenge, MTerra Photo voltaic is transferring in direction of the path of offering significant contribution to the federal government’s objective to have about 35 p.c of the nation’s vitality to return from renewable vitality. Our collaboration with Actis is a pathway to the Philippines’ objective of getting clear vitality for the Filipino individuals,” Pangilinan, who serves as Meralco chair and CEO, stated.
Vitality future
Emmanuel Rubio, president and CEO of MGen and SPNEC, additionally stated the photo voltaic farm would assist the Philippines meet Filipinos’ rising electrical energy demand whereas “advancing a greener and extra resilient vitality future.”
Rahul Agrawal, head of Vitality for Southeast Asia at Actis, stated pursuing MTerra Photo voltaic reveals the area’s dedication to renewable vitality.
“It represents the biggest such challenge on this fast-growing area, and we’re delighted to be partnering with MGen and MGreen to ship this important challenge and speed up the Philippines’ vitality transition,” Agrawal stated.
MTerra Photo voltaic is designed to have 3,500 MW of complete capability and an enormous 4,500 megawatt-hour battery vitality storage system (BESS).
Two Chinese language companies—particularly Energy Development Corp. of China Ltd. and Vitality China—had been tapped to steer the challenge’s engineering, procurement and building. Chinese language tech big Huawei additionally clinched a deal to equip the ability plant with BESS. INQ
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