Meralco Power Gen Corp. (MGen), through its subsidiary SP New Energy Corp. (SPNEC) officially closed the transaction for Actis Rubyred (Singapore) Pte. Ltd.’s acquisition of stakes in Terra Solar Philippines Inc. (MTerra) for around $600 million.
MGen said in a statement on Monday the foreign firm through its wholly-owned subsidiary Actis Rubyred (Philippines) Holdings Inc., now holds a 40 percent equity stake in MTerra Solar.
MTerra Solar developing a 3,500 megawatts (MW) solar power project traversing Nueva Ecija and Bulacan. The project has a battery energy storage system capacity of 4,500 megawatt hours.
Last September, MGen signed a share subscription agreement with the United Kingdom-headquartered company.
“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 Rubio, MGen and SPNEC president and chief executive officer.
The company added that 850 MW of MTerra Solar project’s capacity is already contracted for over 20 years.
MGreen is the RE arm of MGen. which in turn is the power generation subsidiary of Manila Electric Co.
