Actis Acquires a 40% stake in Terra Solar Philippines worth $600 million, advancing renewable energy development.

In the Philippines, Actis RubyRed (Singapore) PTE. LTD. has finalized the acquisition of a 40% stake in TerraSolar Philippines Inc. for approximately $600 million, making it the largest foreign investment in a new project in the country, according to MTerraSolar, a subsidiary of MGEN Renewables Inc. The company plans to install 3,500 megawatts of solar capacity and provide 4,500 megawatt-hours of battery storage. The contract capacity of 850 megawatts has been secured for a period of 20 years, in line with the Renewable Portfolio Standard (RPS). The construction of transmission lines will be completed by the end of 2025, with support from a financing package of P15 billion from local banks. The project commenced on November 24, with the acquisition of Phase I land and the awarding of EPC contracts.