Philippines Secures $2.65 Billion Financing for World's Largest Solar and Battery Storage Facility, MTerra Solar

Manila, Philippines - SP New Energy Corp. (SPNEC) secured a P150-billion ($2.65 billion) financing deal from six local banks for the MTerra Solar project in Central Luzon. The 15-year agreement funds the development of what is projected to be the world's largest integrated solar and battery storage facility. MTerra Solar, located in Nueva Ecija and Bulacan, will feature 3,500 MW of solar panels and 4,500 MWh of battery energy storage. Meralco Group took over the project in 2023, with Actis, a UK-based investment house, acquiring 40% of Terra Solar for $600 million. Phase one is slated for completion by 2026, phase two by 2027. The facility aims to power approximately 2.4 million households in Luzon with clean energy.