Solar Philippines New Energy Corp. (SPNEC), now controlled by Meralo PowerGen Corp., expects the world’s largest integrated renewables and energy storage project in Central Luzon to be 80-percent to 90-percent completed by end of September 2024.
MGen chairman Manuel Pangilinan said Friday night the Terra Solar Philippines project is “around 60 to 67 percent completed already.”
The 3.5 gigawatt-peak solar project combines with a 4.5-gigawatt-hour battery energy storage system in the provinces of Bulacan and Nueva Ecija.
“It’s the contractual arrangement. I think by the end of September, it’s going to be about 80 to 90 percent completed already,” Pangilinan said.
Terra Solar and Miescor recently signed the engineering, procurement and construction contract for the connection component of the project. Terra Solar also executed the EPC contract for the high voltage portion of the interconnection line with Maxipro Development Corp. and Fujian Electric Power and Engineering Co. Ltd.
Pangilinan said the solar project could operate up to 11 hours per day with its battery storage capacity to address the mid-merit requirement of Meralco.
Pangilinan welcomed the entry of UK fund manager Actis Capital in Terra Solar with its $600-million investment in the P213-billion project.
“Happy to work with them, and it was a super deal for both them and for Meralco and a super deal for the country,” Pangilinan said, adding that Actis was chosen from 81 investors globally.
Pangilinan said they have yet to decide on whether Actis would invest in other projects.
“They’re good people. They have the money. I think we just have to play it by ear. I know there will be similar solar projects we’ll be undertaking, etc.,” he said.
“We expect our strategic partnership [with Actis] will not only put the Philippines in the global spotlight, it will also thrust Meralco into the international stage as a leader in the renewable energy space, through its ownership of the world’s largest hybrid solar project, which is poised to power more than 2.4 million households in the Philippines and displace 4 million tons of carbon dioxide every year,” Meralco PowerGen president and chief executive Emmanuel Rubio said.
Actis chairman and senior partner Torbjor Caesar said the investment would be the largest in greenfield project in the Philippines.
“’We’re very honored and excited to invest $600 million into that, which I believe is the largest FDI investment into the greenfield infrastructure here in the Philippines,” said Caesar.
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