Actis has finalized an investment of $600 million in MTerra Solar, a project in the Philippines, in collaboration with MGEN Renewable Energy, Inc. and SP New Energy Corporation. This investment is the largest foreign investment in a greenfield infrastructure project.
The project aims to provide 850 megawatts of power under a 20-year agreement, contributing to the Philippines' renewable energy goals. MTerra will have a capacity of 3.5 gigawatts and 4.5 gigawatt hours of battery storage. The first phase has secured land, and construction contracts are being executed, with operations expected to commence in early 2026.
A transmission line will be completed by the end of 2025, with a budget of PHP 150 billion, or $2.7 billion. This will support the Philippines' target of sourcing 35 percent of its energy from renewable sources by 2030.