The Board of Investments (BOI) granted green lane certification to the P200-billion renewal energy project of Terra Solar Philippines Inc., touted as the world’s largest solar power facility.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said the project is aligned with DTI Secretary Cristina Roque’s priority of boosting trade and investment by addressing Ease of Doing Business (EODB) concerns.
“The basic objective of the Philippines now under this administration is not just to grow—we are already the fastest-growing economy in the region—but more importantly to transform the Philippine economy into a smart and sustainable hub for manufacturing and services, and exactly supporting that would be the sectors and industries that you are investing in,” he said.
TSPI, a joint venture between SP New Energy Corp. (SPNEC) and MGen Renewable Energy Inc. (MGreen), the renewable energy arm of Meralco PowerGen Company (MGen), is designed to generate 3,500 megawatts (MW) of solar power with provision for a 4,500 megawatt-hour (MWh) battery energy storage system.
The project, spanning 3,500 hectares across Nueva Ecija and Bulacan provinces, is expected to advance the renewable energy landscape in the Philippines.
Its immense scale and potential impact represent a significant stride towards reducing carbon emissions and promoting a cleaner and greener future for the Philippines.
As the world’s largest solar project, the Terra Solar facility is expected to generate substantial economic benefits, create job opportunities and enhance energy security for the Philippines.
The project was awarded an 850-MW mid-merit power supply agreement (PSA) from Meralco. Phase one will generate 600 MW, with phase two increasing the output to 850 MW.
MGen president and chief executive Emmanuel Rubio said the project marks a crucial milestone for the company and expressed his enthusiasm on the potential of renewable energy and the positive impact it would have on communities, the economy and the environment.
“Having the green lane certificate is a testament to our commitment to excellence, innovation, and environmental stewardship. It’s also a recognition of our collective efforts to prioritize and fast track projects that will accelerate the country’s low carbon transition—and this one is expected to deliver by February 2026,” he said.
“We are grateful for the support extended by BOI. Without them on board this achievement would not have been possible,” Rubio said.
The target commercial operations for phase one is February 2026 while phase two is scheduled to commence operations by February 2027.
The project also received a certificate of energy project of national significance (CEPNS) from the Department of Energy on July 23, 2024.
A national energy project is deemed significant when its capital investment surpasses $59 million and contributes to the economic growth.
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