BDO Unibank, Inc. (BDO) has committed the largest share to the ₱150 billion project finance facility for MTerra Solar, said to become the world’s largest integrated solar and battery storage facility. The project aims to deliver clean, reliable power to 2.4 million Filipino households, while helping reduce carbon emissions by 4.3 million tons annually.
As facility agent and security trustee through its Trust and Investments Group, and sole mandated lead arranger and bookrunner through BDO Capital, BDO plays a central role in structuring and executing the financing for this massive initiative, which supports the Philippines’ national renewable energy goals.
Meralco PowerGen Corp. (MGEN), the power generation arm of Meralco, has been instrumental in driving the project by investing in SP New Energy Corporation (SPNEC), the parent company of Terra Solar Philippines, Inc. (TSPI). According to MGEN president and CEO Emmanuel V. Rubio, “As the world’s largest solar project and a first in the Philippines, it was essential to partner with the country’s largest bank, BDO.”
Dennis B. Jordan, president and CEO of both Terra Solar Philippines Inc. and MGEN Renewable Energy Inc., expressed gratitude for BDO’s role: “The trust and support they have extended sends a strong message that local financing can drive world-scale renewable energy projects.”
Spanning over 3,500 hectares across Nueva Ecija and Bulacan, MTerra Solar will feature an integrated Battery Energy Storage System (BESS) and a 13-kilometer, 500 kV transmission line. The facility will supply 850 MWac of mid-merit renewable energy in two phases under a Power Supply Agreement (PSA) with Meralco, with Phase 1 (600 MWac) set to begin commercial operations in 1Q 2026.
BDO Capital president Eduardo V. Francisco noted, “Our partnership with Meralco PowerGen showcases our shared commitment in advancing sustainable energy solutions. We are honored to structure this historic deal that strengthens the country’s energy security.”
Beyond environmental impact, the project supports local development through programs such as brighTER (solar lighting), TERRAnsform (training-to-employment for 630 scholars), and carTER (community markets).
“Supporting transformative projects like MTerra Solar underscores BDO’s commitment to financing initiatives that drive long-term economic and environmental progress,” said Charles M. Rodriguez, executive vice president and head of BDO’s Institutional Banking Group.
MTerra Solar marks a critical step in achieving the Philippines’ renewable energy targets—35 percent by 2030 and 50 percent by 2040—demonstrating the corporate sector’s growing role in enabling sustainable national development.
