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.

The milestone was marked through “The First Spark: MTerra Solar Phase 1 Initial Grid Synchronization and Energization,” an event held on 12 February in Gapan, Nueva Ecija, attended by key government and industry stakeholders, including the Department of Energy (DOE), National Grid Corporation of the Philippines (NGCP), and project partner Actis.

“Today is an important moment because it tells us we are on the right track not just in delivering scale, but in proving that we can operate this project safely and reliably. And after a milestone like this, the message is clear: anything is possible from hereon. We now move forward with confidence – continuing to expand capacity, push innovation, and deliver clean energy for Filipinos,” MGEN Renewables and MTerra Solar President & CEO Dennis B. Jordan shared.

This development builds on MTerra Solar’s continued progress for its Phase 1, following the successful energization and cut-in of its 500-kilovolt (kV) substation along the Nagsaag–San Jose 500-kV Line 2, a critical infrastructure component supporting the project’s grid integration. Phase 1 of MTerra Solar is progressing on schedule, with 1,288 MWdc of installed solar photovoltaic (PV) capacity as of end-January 2026, making it the largest solar installation in the Philippines to date. In parallel, 622 battery energy storage system (BESS) units have already been installed, which is also set to be the largest in the Philippines once fully operational.

Following the initial grid synchronization and energization milestone, MTerra Solar will have 250 MWac of solar capacity and 112.5 MWh of battery energy storage capacity targeted to be ready by end-February 2026. During this period, the project is set to begin exporting 85 MW of constant power to the grid in close coordination with NGCP, aiming to demonstrate MTerra Solar’s stability and reliability as an integrated renewable energy and energy storage system. This is in preparation for a ramp up in its capacity in the following months. All of these developments are being delivered in less than 15 months since groundbreaking.

These achievements reflect MTerra Solar’s steady momentum as it advances toward meeting Meralco’s energy requirements under its Power Supply Agreement (PSA), and contributing to the Philippines’ broader efforts to strengthen energy security while accelerating the responsible integration of renewable energy into the national grid.

In recognition of the project’s national significance, DOE Secretary Sharon Garin emphasized that MTerra Solar’s initial grid synchronization represents a major step in strengthening the country’s renewable energy pipeline. She noted that developments of this scale are essential to supporting the Philippines’ long-term energy security and accelerating the country’s energy transition. “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. This power plant alone – once completed – will be producing power for 10% of Luzon.”

DOE Undersecretary Rowena Guevara likewise emphasized the significance of the switch-on as a key step in preparing MTerra Solar for power export and full synchronization with the grid. She noted that the project reflects the kind of innovation and system readiness needed to support the country’s growing electricity demand, particularly during peak summer months. “Today’s switch-on initiates the energization process that will enable MTerra Solar to begin exporting power to the grid. Once synchronization is completed, the plant can begin supplying firm and dependable capacity through the combination of solar power and battery energy storage – another first for the country. Your commitment to adapting forward-looking solutions reflects the proactive leadership needed to meet the rising electricity demand, especially during summer months.”

Actis also reaffirmed the global significance of the project, noting how MTerra Solar is gaining attention from the international energy community. Actis Managing Director, Head of Operations, Energy Infrastructure, Barry Lynch said, “no matter where I go in the world, everyone wants to talk about the MTerra Solar project – whether it’s in Brazil, India, or Japan. The whole energy industry globally is watching this project. We are very grateful to be part of the team that is delivering this.”

MTerra Solar continues to work closely with the NGCP to ensure seamless integration with the grid. As a significant addition to the country’s expanding renewable energy capacity, the project is coordinated with NGCP to help maintain grid stability as more solar power comes online. Together, MGEN and NGCP are collaborating to ensure that the evolving energy mix delivers reliable and resilient power to Filipino consumers.

NGCP Head of Transmission Planning Redi Allan Remoroza also emphasized the critical role of this milestone: “this is an important step in establishing the transmission interface for one of the country’s most significant clean energy projects. As the system operator and transmission network provider, NGCP recognizes todays energization as a key infrastructure readiness milestone.”

MGEN President and CEO Emmanuel V. Rubio emphasized that the milestone marks the beginning of a larger phased buildout. “MTerra Solar proves the Philippines can build big—and build fast. Today’s energization is not the finish line; it is the start of a bigger journey that will expand our capacity, broaden our impact, and demonstrate that the Philippines can lead in delivering renewable energy at scale,” Mr. Rubio said.

MTerra Solar’s Phase 2 construction has also begun, marked by the project’s first pile installation, as it continues to progress toward full completion. As development progresses through its phases, MTerra Solar is expected to become the world’s largest integrated solar PV and battery energy storage facility once fully completed – reinforcing MGEN’s commitment to delivering cleaner and more reliable energy aligned with the Philippines’ renewable energy targets of 35% by 2030 and 50% by 2040.

Effective 21 January 2026, MGEN President and CEO Emmanuel V. Rubio has been appointed to the Board of Directors of MTerra Solar, further strengthening board leadership as the project transitions from development into the commissioning and operations phase. Mr. Rubio succeeds Leandro L. Leviste, who has recently stepped down as a member of the Board.

The board reorganization reflects MTerra Solar’s evolution as the project moves closer to commercial operations. The appointment of Mr. Rubio aligns board leadership more closely with execution and operational readiness, reinforcing governance as the company prepares for large-scale grid integration.

“This transition marks a natural progression for MTerra Solar as it approaches commissioning. Strengthening board leadership at this stage ensures closer alignment between strategic oversight, system integration, and operational execution as we move toward delivering clean, reliable power to the grid,” said MGEN President and CEO Emmanuel V. Rubio.

Commissioning activities are accelerating as the project advances into its operational phase this year. MTerra Solar recently achieved a major milestone with the grid cut-in of its 500-kilovolt substation along the Nagsaag–San Jose 500-kilovolt transmission line. Phase 1 is set to begin its energization this quarter, ramping up to 1500 MW by August 2026.

Terra Solar Philippines Inc. (MTerra Solar) is a subsidiary of SP New Energy Corporation (SPNEC) which has recently applied for a change of corporate name to MGEN Renewable Energy Holdings, Inc., in preparation for the potential integration of MGEN’s renewable energy assets under a single holding company structure.

TERRAnsform: Building Skills and Careers for Locals

As of September 2025, the TERRAnsform program has successfully graduated all 630 scholars from the municipalities of Gapan City, Peñaranda, and General Tinio. This specialized job readiness training supports MTerra Solar by equipping locals with technical skills relevant to the project’s construction needs. Notably, almost 60% of graduates have already been absorbed by the project’s Engineering, Procurement, and Construction (EPC) contractors and subcontractors, with roles spanning Electrical Installation & Maintenance (EIM) and photovoltaic (PV) installation.

BrighTER: Illuminating Communities

MTerra Solar has installed 70 solar-powered streetlights across seven barangays in Nueva Ecija. This sustainable lighting solution enhances safety and visibility along approximately 2 kilometers of roadways, benefiting an estimated 30,000 residents. This not only provides sustainable lighting solutions but also aligns with MTerra Solar’s commitment to empowering communities through clean energy.

CarTER: Empowering Local Livelihoods

The CarTER initiative aims to empower local entrepreneurs by establishing community marketplaces within the project’s Phase 1 area. Five (5) marketplaces have been fully installed – supporting up to 32 local vendors and serving an estimated 11,000 workers at peak.

“MTerra Solar’s CSR initiatives are an essential part of our commitment to not only building a world-class clean energy facility but also uplifting the communities that host our project. We are proud of these initiatives that address several needs of our local communities – from empowering local residents with new skills and jobs to improving safety and supporting small businesses. Together with our partners and the communities, we continue to power a sustainable and inclusive future for the Philippines,” said MTerra Solar President and CEO Dennis B. Jordan.

MTerra Solar – the world’s largest integrated solar photovoltaic (PV) and battery energy storage system (BESS) facility – remains on track in delivering 3,500 megawatts peak (MWp) of solar. As of 15 October, the overall progress for Phase 1 of MTerra Solar stands at 65 percent. The project spans 3,500 hectares – nearly the size of Pasig City – across the towns of Gapan, Peñaranda, General Tinio, and San Leonardo in Nueva Ecija, and San Miguel in Bulacan.

Once completed, it is expected to deliver 3,500 megawatts peak (MWp) of solar PV capacity, complemented by 4,500 megawatt-hours (MWh) of battery energy storage. This will provide clean power to approximately 2.4 million Filipino households and help avoid up to 4.3 million tons of carbon emissions each year – equivalent to taking more than 3 million gasoline-powered vehicles off the road.

Through these initiatives and its ongoing development, MGEN continues to advance its commitment to a more sustainable energy future for the Philippines.

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.

“MTerra Solar stands as a clear example of how we can shape the country’s energy future through strong partnerships and a shared vision. With 778 MW of solar PV capacity now installed, we are making real progress toward delivering cleaner and more sustainable power for Filipinos. This milestone reflects the hard work of our teams on the ground, the support of our government partners, and the trust of the communities we serve,” said MTerra Solar and MGEN Renewable Energy President and CEO Dennis B. Jordan.

This progress was achieved in just eight (8) months since President Ferdinand “Bongbong” Marcos Jr. led the groundbreaking of MTerra Solar in November 2024, demonstrating the project’s speed and strong momentum.

As of end-June, the overall project progress for Phase 1 stands at 54 percent, reflecting significant strides in construction and development of the integrated PV and BESS plant, including a 500-kiloVolt (kV) transmission line that will connect it to the Nagsaag-San Jose Transmission Line. MTerra Solar has also mobilized more than 9,500 workers at its peak, with over 7.5 million safe manhours recorded – highlighting the scale and complexity of the construction efforts. It plays a key role in supporting the country’s goal of achieving a 35% renewable energy share in the power generation mix by 2030 and 50% by 2040.

Governor Aurelio “Oyie” Umali, represented by Provincial Administrator Atty. Jose Maria San Pedro, emphasized the province’s alignment with the project: “At the heart of our provincial agenda is the vision of sustainable, inclusive, and future forward development. The provincial government of Nueva Ecija will continue to champion projects like MTerra Solar. It is our duty to pave the way for a future that is not only bright but also clean, green, and just.”

Gapan City Mayor Emary Joy Pascual also expressed her gratitude for the opportunities that the project brings: “Nakakatuwa dahil libo-libong trabaho at negosyo ang naging oportunidad dito sa Lungsod ng Gapan at pakikinabangan ng mga Batang Gapan.” (It’s heartening to see that thousands of jobs and business opportunities have been created here in the City of Gapan and are being enjoyed by our people.)

Municipality of General Tinio Mayor Sherry Bolisay has this to say: “[We also express our] deep appreciation that a great number of the workforce is now providing livelihood… The strong partnership that we build today is a commitment to improve lives of our people now and beyond.”

The MTerra Solar project spans 3,500 hectares – nearly the size of Pasig City – across the towns of Gapan, Peñaranda, General Tinio, and San Leonardo in Nueva Ecija, and San Miguel in Bulacan.

Once completed, the project is expected to deliver 3,500 megawatts peak (MWp) of solar PV capacity, complemented by 4,500 megawatt-hours (MWh) of battery energy storage. This will provide clean power to about 2.4 million Filipino households and help avoid up to 4.3 million tons of carbon emissions each year – equivalent to taking more than 3 million gasoline-powered vehicles off the road.

MTerra Solar is being constructed with the support of major engineering, procurement, and construction (EPC) contractors including Energy China, POWERCHINA, and Meralco Industrial Engineering Services Corporation (MIESCOR). Huawei is also supplying the battery energy storage system for the project.

To ensure efficient integration into the grid, EPC contractors for the high-voltage interconnection line were awarded to Maxipro Development Corp. and Fujian Electric Power and Engineering Co. Ltd. In addition, Asia Pacific Rim International Construction and Trading Corporation is contributing to the project as the Medium Voltage Switchgear contractor for Phase 1.

With Phase 1 on track for completion by early 2026 and Phase 2 targeted the following year, MGEN is set to exceed its 1,500 MW attributable renewable energy capacity goal by 2027 – three years ahead of its original 2030 timeline.

Public and private sector leaders share a toast to reaffirm their shared commitment to accelerating the country’s energy transition through MTerra Solar. Seen on the photo (from L-R) are: POWERCHINA’s Sinohydro Bureau 3 Country Manager Zhao Changjie, Actis Analyst John Borja, Actis Principal Ajay Mullangi, MTerra Solar and MGEN Renewable Energy President and CEO Dennis Jordan, Gapan City Mayor Emary Joy Pascual, Municipality of General Tinio Mayor Sherry Bolisay, Nueva Ecija Provincial Administrator Atty. Jose Maria Ceasar San Pedro representing Governor Aurelio “Oyie” Umali, Energy China President Qiao Xubin, Actis Principal Vanessa Warnock, Energy China Guangdong Electric Power Design Institute Co Ltd General Manager Huang Jianmei, and MTerra Solar Project Director Mark Argar.

Spanning the provinces of Nueva Ecija and Bulacan, the MTerra Solar Project is set to become the world’s largest integrated solar and battery energy storage facility. It is expected to deliver an unprecedented 3,500 MWp of solar capacity integrated with a 4,500 MWhr battery energy storage system. Officially designated by the Department of Energy (DOE) as an Energy Project of National Significance, the project is a major step toward enhancing energy security, accelerating carbon reduction, and fueling green growth for the Philippines—especially in Nueva Ecija, where the majority of the solar panels will be installed. The project is expected to provide clean energy to at least two million households.

This transformative development strengthens Nueva Ecija’s position as one of the leading renewable energy centers of the Philippines, reinforcing the province’s growing reputation for sustainability and innovation. Under Governor Umali’s leadership, Nueva Ecija continues to attract strategic investments in clean energy, contributing significantly to the country’s transition toward a more resilient and low-carbon future.

“The MTerra Solar Project is a symbol of what’s possible when both private and public sectors work together. MGEN is glad to work alongside the Province of Nueva Ecija as it helps illuminate the path toward a brighter, cleaner energy future. Governor Umali’s instrumental support not only accelerates the progress of the MTerra Solar Project but also reinforces the province’s role in shaping a more sustainable energy landscape for our country,” said MGreen President and CEO Dennis B. Jordan.

“We are grateful to MGEN and MGreen for choosing Nueva Ecija as the home of this landmark renewable energy project. The MTerra Solar Project is a driver of progress for our province. It will generate jobs, stimulate local businesses, and strengthen our infrastructure, bringing long-term benefits to our people and economy,” Governor Oyie Umali shared

Pasig City, Philippines — 22 April 2025 — Meralco PowerGen Corporation (MGEN), through its affiliate Terra Solar Philippines Inc. (MTerra Solar), has closed the Philippines’ largest syndicated loan at ₱150 billion to fund the world’s biggest integrated solar and battery energy storage project. The project, which will deliver 3,500 MWp of solar and 4,500 MWh of battery energy storage capacity, is a critical step in meeting the country’s goal of 35% renewable energy share by 2030, and 50% by 2040.

The deal was closed in partnership with top-tier banking institutions: BDO Unibank, Inc., Security Bank Corporation, China Banking Corporation, Philippine National Bank, Metropolitan Bank & Trust Company and Bank of the Philippine Islands. BDO Capital & Investment Corporation was sole mandated lead arranger with BDO Unibank, Inc. – Trust and Investments Group serving as facility agent and security trustee.

As of end-March 2025, the project has reached 35% overall progress. Once completed, MTerra Solar will supply 850 MW of mid-merit renewable energy to Meralco under a Power Supply Agreement. Major construction works are underway, including the substation, solar panel structure assembly, and transmission line development—signaling strong momentum toward commercial operations and energy delivery for Phase 1 in Q1 2026.

About Meralco PowerGen Corporation (MGEN)

Meralco PowerGen Corporation (MGEN) operates a diverse portfolio of power generation assets equipped with advanced technologies. Its main subsidiaries include Global Business Power (MThermal), MGEN Renewable Energy Inc. (MGreen), and MGEN Gas Energy Holdings, Inc. (MNatural Gas). Additionally, MGEN holds stakes in PacificLight Power (PLP), a Liquefied Natural Gas facility in Singapore, and SP New Energy Corporation (SPNEC), a renewable energy company. Recently, MGEN has invested a 40.2% stake in an integrated LNG facility in Batangas, Philippines. Across its portfolio, MGEN has a combined net sellable capacity of 4,953 MW from traditional and renewable sources as of March 2025.

To know more about MGEN and its subsidiaries, please visit mgen.com.ph and follow us on LinkedIn.

About Terra Solar Philippines Inc. (MTerra Solar)

Terra Solar Philippines Inc. (MTerra Solar) is the project company developing the MTerra Solar Project, set to be the world’s largest integrated solar and battery storage facility. Spanning four municipalities across Nueva Ecija and Bulacan, the project will generate 3,500 MWp of solar power complemented by a 4,500 MWhr battery energy storage system.

The project will be developed in two phases with first phase expected to be completed in Q1 2026, and the second phase a year after. The project will supply clean energy to approximately 2.4 million households. Beyond power generation, it will also contribute to carbon reduction by avoiding 4.3 million tons of emissions annually.

The signing of the subscription agreement marks the completion of the Share Subscription Agreement between Terra Solar Philippines, Inc. and Actis which was signed last September 6, 2024 granting Actis the right to a 40% equity stake in MTerra Solar, subject to certain conditions, for a total consideration of approximately US$600 Million.

MGreen is the renewable energy arm of Meralco PowerGen Corporation (MGEN), which is a wholly owned subsidiary of Manila Electric Company (Meralco). This strategic investment will support MGEN’s mission to accelerate the clean energy transition in the Philippines.

“This landmark investment marks a major step forward in our mission to accelerate the clean energy transition in the Philippines. With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable, and cost-effective energy solutions. This collaboration with Actis and MGEN strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient energy future,” said Emmanuel V. Rubio, President and CEO of MGEN and SPNEC.

Actis, a leading global investor in sustainable infrastructure with deep project execution and contract management expertise, will work together with MGEN and MGreen, to jointly develop and expand MTerra Solar, which will have 3,500MWp of installed PV capacity and 4,500MWh of installed BESS capacity once fully commissioned.

Rahul Agrawal, Partner, Head of Energy for Southeast Asia at Actis, said: “MTerra Solar is a marker of what’s possible in terms of scale and ambition with renewable energy in Southeast Asia. It represents the largest such project in this fast-growing region, and we’re delighted to be partnering with MGEN and MGreen to deliver this critical project and accelerate the Philippines’ energy transition.”

MTerra Solar represents one of the largest mid merit renewable generation capacities in the Philippines, with 850MW contracted capacity over 20 years. This investment is the largest foreign direct investment in a single project for greenfield infrastructure in the Philippines, a clear testament of MTerra Solar’s key positioning in the country’s renewable energy (RE) sector. With the Philippines’ growing energy demand and strong RE potential, this project aims to significantly contribute to the country’s Renewable Portfolio Standards program.

Significant development progress has been made with MTerra Solar. Groundbreaking was led by President Ferdinand R. Marcos Jr. in November 2024, and Phase 1 Notice-to-Proceed has already been issued to contractors. Continued progress has been made on all fronts towards achieving the scheduled COD by the first quarter of 2026: (i) Phase 1 land has been fully secured; (ii) EPC contracts have been awarded to leading engineering and construction companies; (iii) construction of transmission line is on track for completion towards end of 2025; and (iv) PHP 150 billion of committed Project Financing has been signed with a syndicate of the largest Philippine banks.

MTerra Solar forms a significant part of Meralco’s commitment to support the government’s goal to have 35% of the Philippines’ energy being sourced from renewable energy by 2030. MTerra Solar is also part of several pipeline projects of MGEN to have more than 1,500 MW of attributable RE capacity by 2030.

With this partnership, Actis joins the Meralco group in a shared goal to drive the growth of renewable energy and enhance the energy security of the Philippines. The investment is also expected to play a key role in the country’s long-term decarbonization efforts, supporting the Philippines’ transition to a more sustainable and resilient energy system.

“Started as an ambitious project, MTerra Solar is moving towards the direction of providing meaningful contribution to the government’s goal to have about 35% of the country’s energy to come from renewable energy. Our collaboration with Actis is a pathway to the Philippine’s goal of having clean energy for the Filipino people,” Meralco Chairman and CEO Manuel. V. Pangilinan said.

UBS AG Singapore Branch acted as financial advisor to SPNEC. Latham & Watkins and Picazo Law acted as international and domestic legal counsel to MGreen and SPNEC. Morgan Stanley acted as financial advisor while Milbank and SyCip Law acted as international and domestic legal counsel, respectively, to Actis.

About Meralco

Meralco is the largest private sector DU in the Philippines covering 39 cities and 72 municipalities with a franchise area of c.9,685km2, which accounts for c.55% the Philippines’ electricity consumption. Meralco is listed on the Philippine Stock Exchange (“PSE”), with a market capitalization of US$10.014 billion / PHP 573.126 billion as of 14 March 2025. Meralco’s principal shareholders are Beacon Electric Asset Holdings, Inc. 34.96%, Metro Pacific Investments Corporation 12.50%, JG Summit Holdings, Inc. 26.37%, and Others (including free float) 26.17%.

About MGEN

MGEN is a wholly owned subsidiary of Meralco. MGEN operates a diverse portfolio of power generation assets equipped with advanced technologies. Its main subsidiaries include Global Business Power (MThermal), MGEN Renewable Energy Inc. (MGreen), and MGEN Gas Energy Holdings, Inc. (MNatural Gas). Additionally, MGEN holds stakes in PacificLight Power (PLP), a Liquefied Natural Gas facility in Singapore, and SP New Energy Corporation (SPNEC), a renewable energy company. Recently, MGEN has invested a 40.2% stake in the biggest and most expansive LNG facility located in Batangas, Philippines. Across its portfolio, MGEN has a combined net sellable capacity of 4,912 MW from traditional and renewable sources as of February 2025.

About Actis

Actis is a leading global investor in sustainable infrastructure, seeking to deliver measurable positive impact for the countries, cities and communities in which it operates. Actis invests in structural themes that aim to support longterm, equitable growth in defensive, critical infrastructure across energy transition, digitalisation transition, and supply chain transformation.

Actis believes that the firm’s decades of global experience, operational know-how and strong culture allow it to create global sustainability leaders at scale. Actis is a signatory to the Principles for Responsible Investment (PRI), an investor initiative supported by the United Nations.

You can learn more about Actis at http://www.act.is