London-based investment house Actis inked a P33.71 billion ($600 million) solar power project with Manila Electric Corp. (Meralco) and SP New Energy Corp (SPNEC).
The Terra Solar project will be the largest single-site solar power plant in the country and in the world, it was learned.
"From Actis' side, we're very honored and excited to invest $600 million into that, which I believe is the largest FDI (foreign direct investment) into the greenfield infrastructure here in the Philippines," Actis chair and senior partner Torbjorn Caesar said.
The Terra Solar is a 3,500-megawatt solar power project with a 4,500-MW (megawatt) hour battery energy storage system.
The Board of Investments (Brecently awarded the project with a certificate of green lane endorsement to expedite related permits and licenses, etc.
Meralco PowerGen Corporation president and chief executive officer Emmanuel Rubio said Actis' investments support the government's aspiration for a more sustainable energy sector.
"We expect our strategic partnership will not only put the Philippines in the global spotlight, but it will also thrust one Meralco into the international stage as a leader in the renewable energy space to its ownership of the world's largest hybrid solar project, which is poised to power more than 2.4 million households in the Philippines and displace four million tons of carbon dioxide every year," Rubio said.
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