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Gapan and Peñaranda, Nueva Ecija, Philippines, November 21, 2024 – Terra Solar Philippines, Inc. (TSPI), together with Meralco PowerGen Corporation (MGEN) and SP New Energy Corporation (SPNEC), officially broke ground for the MTerra Solar Project — the world’s largest integrated solar and battery storage facility. President Ferdinand R. Marcos Jr. and Meralco Chairman and CEO Manny V. Pangilinan (MVP) co-led the groundbreaking ceremony, alongside leaders from Meralco, MGEN, SPNEC, and Actis.
"Today we take a leap towards the future driven by innovation and sustained by our collective hope for a cleaner and greener Philippines. We stand together at the site of what will become the largest integrated solar and battery storage facility in the world – the Terra Solar Project. This landmark project will put our country on the map as a leader in renewable energy," President Marcos Jr. said during the ceremony.
"The Terra Solar power project is designed to address two critical challenges of our time: the surging demand for electricity and the pressing need to shift to renewable and sustainable sources of energy," he added.
With construction now in full swing, the landmark project represents a transformative leap forward in the Philippines’ quest for a cleaner and more sustainable energy future.
Spanning an impressive 3,500 hectares (almost the same size as Pasig City) across Nueva Ecija and Bulacan, the US$4.0 billion (over Php 200 billion) MTerra Solar Project will involve 3,500 megawatts peak (MWp) photovoltaic (PV) capacity, complemented by a 4,500 megawatt-hours (MWhr) Battery Energy Storage System (BESS) capacity. The project will be located in five towns – Gapan, General Tinio, Peñaranda, and San Leonardo all in Nueva Ecija, and San Miguel, Bulacan.
Upon completion, MTerra Solar is expected to supply clean energy to approximately 2.4 million households and avoid carbon emissions by an estimated 4.3 million tons annually – equivalent to removing over 3 million gasoline-powered vehicles from the roads every year.
This milestone project aligns seamlessly with the government''s goal of achieving a 35% renewable energy mix by 2030 and 50% by 2040. As of late 2023, the country''s installed renewable energy capacity stands at almost 30% of total energy mix, underscoring the urgency for stakeholders to accelerate efforts toward a greener energy future.
"Numbers alone fail to articulate the full significance of this project, we are making a statement today that the Philippines is not only keeping pace with the global energy transition but more so express our intention, the Philippines’ intention to lead the migration from thermal to renewables," Mr. Pangilinan said.
"We will build, we will take action, and we will never stop daring. At the end, this is all showing the world what Filipinos can achieve when the public and private sectors work together with focus and urgency," he added.
Meralco, the country''s largest power distribution utility, continues to be at the forefront of renewable energy development. Through its subsidiaries, MGEN and its renewable energy arm — MGEN Renewable Energy, Inc. (MGreen), the company continues to pursue strategic initiatives to diversify the Philippines'' clean energy supply and manage dependence on fossil fuels. The MTerra Solar Project exemplifies this commitment, cementing Meralco’s leadership in renewable energy innovation.
The MTerra Solar Project is set to deliver clean solar energy under a 20-year, 850 MW mid-merit power supply agreement to Meralco. The initial block of 600 MW is slated for delivery by February 2026, while the remaining 250 MW will follow in February 2027. This not only conforms with the Renewable Portfolio Standards of the Department of Energy (DOE) but also reinforces Meralco’s pledge to source 1,500 MW of its power supply requirements from renewable energy.
Prior to the groundbreaking ceremony, TSPI, acting as the investment and development vehicle for the MTerra Solar Project, has entered into a strategic partnership with UK-based Actis for a 40% interest in the project valued at US$600 million (approximately Php 34 billion) — the largest foreign direct investment for a greenfield infrastructure project in the Philippines to date. Recently, TSPI awarded the Engineering, Procurement, and Construction (EPC) contract for the project to China Energy Engineering Corporation (Energy China), a key player in global infrastructure and sustainable energy. TSPI also engaged Meralco Industrial Engineering Services Corp. (MIESCOR) to link the flagship solar development to the Luzon power grid.
These key agreements demonstrate the project principal''s drive for excellence and commitment to ensuring that project milestones are effectively executed and delivered on time.
With its unprecedented scale and forward-thinking design, the MTerra Solar Project is a cornerstone in the Philippines'' clean energy transition. Its Solar PV-BESS hybrid infrastructure ensures stable and reliable power that may compete with traditional baseload power sources. Beyond environmental benefits, the project is expected to create more than 10,000 jobs during construction, spur economic growth, and foster community development, with estimated community benefit expected to reach around P23 billion over the next 10 years through taxes, community benefits, and other indirect economic benefits.
As the Philippines accelerates its transition toward renewable energy, the MTerra Solarproject stands as a beacon of progress, innovation, and sustainability—securing the nation''s energy future and powering a cleaner, greener tomorrow for the Filipino people.
Meralco PowerGen Corporation (MGEN) is a leading power generation company in the Philippines key subsidiaries, Global Business Power (MThermal), MGEN Renewable Energy, Inc. (MGreen), and PacificLight, a modern and efficient Liquefied Natural Gas (LNG) facility in Singapore. It is the power generation arm of the Manila Electric Company (MERALCO), the largest private electric distribution utility in the Philippines.
We power the good life of the Filipinos by being at the forefront of the energy transition, focusing on cleaner and more sustainable energy sources. The Company invests in a mix of thermal, renewable, and low-carbon energy solutions, including natural gas, to ensure stable and reliable power generation.
To know more about MGEN and its subsidiaries, please visit MGEN, and follow us on LinkedIn.
Southeast Asia is at an energy crossroad, one best exemplified by the situation regarding solar energy in the Philippines. As a result of energy demand steadily increasing and the global mandate of reducing fossil fuel-related energy programs, the region is looking for opportunities to meet its energy needs sustainably.
The Philippines is seeking to transition to renewable energy as quickly as possible. Currently, the country’s energy mix consists of around 77% fossil fuels, the remaining24% split across hydro, geothermal, wind and solar. However, the Filipino government would like to achieve self-sufficiency from an energy perspective by using a mix of fossil and renewable energy development.
Statistics indicate that less than 1% of the country’s total energy consumption comes from solar sources. The Philippines, despite its abundant sunlight, only utilizes a fraction of its solar energy potential.
Solar energy is an increasingly popular power source in the Philippines, with several new projects unveiled and billions in investments poured into the nation’s energy grid.
The growing popularity and optimistic predictions relate to the high accessibility of solar for households and businesses and the ambitious renewable energy targets adopted by Filipino lawmakers. Additionally, the government has very lucrative incentives for rural electrification, which will require distributed energy systems – something solar excels at.
A report by the Philippines’ Department of Energy (PDOE) highlights the country’s high levels of direct sunlight all year round. In other words, the Philippines has a large solar energy potential. This has led the PDOE to push for the inclusion of more solar projects in the Philippines’ already ambitious renewable energy projects plans. Major hubs within the country tend to rely on natural gas and coal for power generation. However, geothermal and hydro are becoming more popular. The real opportunity for solar to gain ground rests in the Philippines’ rural areas.
The Philippines has a population of 115 million people across over 7,500 islands; geographical location can make total electrification difficult – especially on a single central grid. Therefore, microgrids that serve local communities have been gaining traction. These systems easily incorporate solar power to ensure access to clean energy.
“That’s where the big opportunity is: electrifying 4.6 million households with solar, and that’s not counting small commercial and industrial (C&I) businesses – in tourism, agriculture, fisheries, etc. – that could use that clean energy to improve and grow their businesses.”
Solar power plants are coming online across the entirety of the Philippines. Some models show that some major hubs may be able to source half of their energy needs from renewable energies. The low operating prices and potential for high energy creation will drive significant increases in solar capacity over the coming years. For example, the world’s largest solar farm will be built in the Philippines in tandem with large-scale energy storage. It will have a capacity of 4,500 MWh. It will increase the renewable energy capacity in the Philippines.
Experts predict that the solar energy market in the Philippines will record a CAGR of 15% during the 2022-2027 period. This is buoyed by significant investments in the sector and high confidence in the nation’s long-term goals.
Especially on rural islands, solar will become more dominant and open opportunities for more electrification across the nation. The shift away from the usual diesel generators powering these island communities could save the country over USD 200 million annually in fuel costs. This, in tandem with low operating costs, makes it an easy choice for many rural islands’ energy needs. With international support, solar panels and solar home systems can help meet the electricity demand.
The transition to renewable energy sources in Southeast Asia will have long-lasting benefits within the region and the world. While natural gas and coal will continue to play a role in the energy mix of several major nations, the Philippines is highlighting how the share of solar and other renewables can increase rapidly within a national grid.
Although capacity is still low, the projects being built and funded showcase a hunger for low-carbon energy like solar. As renewable energy advocates point out, this transition will make the Philippines a much stronger country economically, environmentally and socially. Renewable energy is the future, and solar energy will play a critical role in the Philippines.
It will deliver power to 2.4 million houses and cut emissions by 3.6 million tonnes yearly.
Meralco PowerGen Corp. (MGen) expects to lead the energy transition in the Philippines with what could be the world''s largest solar farm — its $4b Terra Solar project north of the capital.
The 3,500-megawatt (MW) facility in the provinces of Nueva Ecija and Bulacan is expected to be a cleaner alternative to a mid-merit fossil fuel plant, which adjusts its power output as demand fluctuates throughout the day.
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