World’s largest solar facility on track for completion

MANILA, Philippines — The world’s soon-to-be largest integrated solar facility has gained further momentum, with Pangilinan-led Meralco PowerGen Corp. (MGen) eclipsing its Phase 1 installation targets.

MGen announced that 778 megawatts (MW) of solar panels have now been installed for the P200-billion MTerra Solar project, making it the largest installation of its kind in the Philippines to date.

This exceeded the company’s original target of 750 MW, accelerating progress toward the project’s Phase 1 completion set for early next year.

As of end-June, the overall project progress for Phase 1 stood at 54 percent.

“MTerra Solar stands as a clear example of how we can shape the country’s energy future through strong partnerships and a shared vision,” MTerra Solar and MGen Renewable Energy Inc. (MGreen) president and CEO Dennis Jordan said.

The milestone, achieved eight months after groundbreaking, is a testament to the “hard work of our teams on the ground, the support of our government partners and the trust of the communities we serve,” Jordan said.

Straddling the provinces of Nueva Ecija and Bulacan, MTerra Solar consists of a 3,500-MW solar farm paired with a 4,500-MW-hour battery energy storage system.

A battery storage facility stores excess electricity generated during low-demand periods and supplies it back to the power grid during peak demand.

Once fully completed in 2027, MTerra Solar is expected to power around 2.4 million households and displace up to 4.3 million tons of carbon emissions annually.

This is equivalent to removing over three million gasoline-powered vehicles from the roads.

With Phase 1 set to finish by early 2026 and Phase 2 targeted for the following year, MGen said it is poised to achieve over 1,500 MW of renewable energy capacity by 2027, three years earlier than planned.

The Meralco Group took over MTerra Solar after acquiring a controlling stake in SP New Energy Corp. (SPNEC) through MGreen.

To bankroll MTerra Solar’s construction, SPNEC has signed a P150-billion omnibus loan – the largest in the Philippines to date – with a consortium of local banks.

The Meralco Group has also finalized a $600-million investment with UK-based private equity firm Actis, providing much-needed financial clout for the project.

As the power generation of Meralco, MGen had a combined net sellable capacity of 4,953 MW from traditional and renewable sources as of end-May.