MGEN Renewable Energy, Inc. (MGreen), through its subsidiary SP New Energy Corporation (SPNEC), has successfully concluded a deal with Actis Rubyred (Singapore) Pte. Ltd. for a 40 percent equity stake in Terra Solar Philippines, Inc. (MTerra Solar).
The stake, valued at approximately USD600 million, was acquired by Actis via its wholly-owned subsidiary, Actis Rubyred (Philippines) Holdings, Inc. The agreement, signed in September 2024, marks a major step toward accelerating the Philippines’ clean energy transition.
MTerra Solar, one of the largest renewable energy projects in Southeast Asia, is poised to play a pivotal role in meeting the country’s growing energy demand. Once completed, MTerra Solar will boast 3,500 megaWatt-peak of installed solar power capacity and 4,500 MW-hour of battery energy storage systems (BESS). The project, which has already made significant strides, is expected to begin full commercial operations by early 2026.
Emmanuel V. Rubio, president and chief executive officer of MGEN, said the transformative potential of the collaboration. “This landmark investment reinforces our commitment to delivering sustainable and reliable energy solutions,” he said. MTerra Solar is expected to make substantial contributions to the Philippines’ Renewable Portfolio Standards program and support the government’s goal of sourcing 35 percent of the country’s energy from renewable sources by 2030.
Rahul Agrawal, partner and head of energy for Southeast Asia at Actis, highlighted MTerra Solar’s scale as an example of what’s achievable in renewable energy across Southeast Asia. “It represents the largest such project in the region, and we are thrilled to partner with MGEN and MGreen to bring this vision to life,” he said.
This partnership marks a significant milestone in the development of the Philippines’ renewable energy infrastructure and positions MTerra Solar as a cornerstone of the nation’s sustainable energy future.
