Pasig City, Philippines – 30 March 2026 – Meralco PowerGen Corporation (MGEN), through its affiliate Terra Solar Philippines Inc. (MTerra Solar), as successfully energized the first 250-megawatts (MW) of its solar capacity – now operating as a generator and marking the start of its contribution to the country’s growing demand for reliable and clean energy.

This milestone represents a critical step in the project’s phased development and comes at a pivotal time for the Philippines, as global fuel market volatility driven in part by the current situation in the Middle East, continues to highlight the urgency of strengthening domestic and renewable energy sources. The early delivery of capacity from MTerra Solar reinforces efforts to enhance the country’s energy self-sufficiency and reduce exposure to imported fuel risks.

“Reaching this milestone reflects the strong execution, collaboration, and dedication of our teams and partners. More importantly, it underscores the role of projects like MTerra Solar in helping secure the country’s energy future at a time when reliability and affordability are under increasing pressure,” said MGEN Renewables and MTerra Solar President and CEO Dennis B. Jordan.

MTerra Solar was initially authorized to export up to 85 MW of firm power to the grid as part of testing and commissioning activities. With the continued support from the Department of Energy (DOE) and the National Grid Corporation of the Philippines (NGCP), the facility is now exporting up to 250MW — providing additional capacity to help stabilize supply during a period of heightened system demand.

During a previous MTerra Solar event, DOE Secretary Sharon Garin emphasized the project’s significance in strengthening the country’s renewable energy pipeline and addressing immediate supply challenges.

“The initial grid synchronization of MTerra Solar – led by MGEN and Actis – represents a meaningful step towards our transition to a cleaner and more energy-resilient Philippines. Developments of this scale are critical as we navigate current global uncertainties while ensuring long-term energy security,” Secretary Garin said.

“Beyond its contribution to the renewable energy transition, MTerra Solar plays an important role in supporting the country’s near-term energy requirements. The project’s phased energization enables earlier delivery of capacity to the grid, helping ease supply constraints and supporting efforts to maintain stable electricity prices amid evolving global conditions,” MGEN President and CEO Emmanuel V. Rubio shared.

In addition, MTerra Solar has also energized the first tranche of its battery energy storage system (BESS). Through energy generated from its solar output, the plant has been able to deliver up to 450 MWh of energy to the grid at night. This tranche now represents the largest operational BESS available in the Philippines.

Following these milestones, the facility will still undergo a series of comprehensive activities in the coming weeks to ensure the safe, efficient, and reliable integration of battery storage with the solar facility. Once fully operational, the integrated BESS will enhance grid stability and enable the dispatch of renewable energy beyond daylight hours, strengthening system reliability while maximizing the value of solar power generation.

MTerra Solar underscores MGEN’s commitment to advancing a diverse energy portfolio that addresses the energy trilemma – ensuring that supply remains sustainable, reliable, and affordable. At full capacity, the project is expected to generate up to 3,500 MWp of solar power, supported by a 4,500 MWh battery energy storage system – delivering clean energy to approximately 2.4 million households.

The project will also avoid an estimated 4.3 million tons of carbon emissions annually, equivalent to removing more than 3 million gasoline-powered vehicles from the road. With Phase 1 on track for completion this year and Phase 2 already under construction, MTerra Solar will continue to scale up its capacity, contributing meaningfully to the Philippines’ renewable energy targets of 35% by 2030 and 50% by 2040.

Pasig City, Philippines – 14 March 2026 – Meralco PowerGen Corporation (MGEN), through its affiliate Terra Solar Philippines Inc. (MTerra Solar), has successfully energized the MTerra Solar project as a generator – marking the moment the facility went live and began delivering electricity to the grid.

The milestone marks the first electron from MTerra Solar sent through to the Luzon grid, signaling that the facility is now live – just 16 months after its groundbreaking. This phase is set to supply up to 85-megawatts (MW) of mid-merit power to the grid, supporting energy demand during peak daytime hours and marking the initial delivery to Meralco.

Following its energization as a generator, the project will continue to ramp up its output in the coming months in close coordination with the National Grid Corporation of the Philippines (NGCP), in line with its System Impact Study (SIS) and operational plan.

“This is a defining moment for MTerra Solar. With the facility now operational, we have started a bigger journey – ramping up generation and steadily delivering capacity that strengthens energy security and advances the Philippines’ self-reliance. This milestone comes at a critical time as we continue to expand the country’s energy capacity,” said MGEN President and CEO Emmanuel V. Rubio.

“MTerra Solar exemplifies Filipino ingenuity and pride – built by Filipinos for the Filipinos. The project is now delivering reliable and clean energy which will power progress for industries and communities. We remain in close coordination with the NGCP to ensure that project is safely integrated into the grid,” said MTerra Solar President & CEO Dennis B. Jordan.

The energization of the project as a generator marks a significant step in strengthening the country’s energy security by adding domestic power capacity and supporting energy independence. Once fully completed, it is expected to generate 3,500 MWp of solar photovoltaic, complemented by a 4,500 MWhr battery energy storage system (BESS). The facility is projected to supply clean energy to approximately 2.4 million households while avoiding an estimated 4.3 million tons of carbon emissions annually – equivalent to taking more than 3 million gasoline-powered vehicles off the road.

With Phase 1 on track for completion this year and Phase 2 already under construction, MTerra Solar is expected to steadily increase its capacity – delivering clean and sustainable energy for Filipinos, while supporting the Philippines’ renewable energy targets of 35% by 2030 and 50% by 2040.

Terra Solar Philippines, Inc. (“TSPI”), a subsidiary of SP New Energy Corporation (the “Company”), executed on 23 October 2025, agreements in relation to the engineering, procurement, and construction works for the South Block of TSPI’s 3,500 MWp solar farm and 4,500 MWhr battery energy storage system in Central Luzon (the “MTerra Solar Project”). The agreements are as follows:

1. Engineer, Procure, and Construct (“EPC”) Contract (Onshore Contract), with GEDI Construction Development Corporation; and

2. EPC Contract (Offshore Contract), with China Energy International Group Co., Ltd. and China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd. (the “EPC Contracts”).

The EPC Contracts cover warranty, defect resolution, and the implementation of operational and maintenance protocols to ensure long-term reliability and success of the MTerra Solar Project. The South Block accounts for 1,050 MWp solar farm and 1.2 GWh battery energy storage system of the MTerra Solar Project.