The declaration of commercial operations beginning on 26 August 2026 follows from the issuance of the Final Certificate of Approval to Connect (FCATC) by the National Grid Corporation of the Philippines (NGCP), confirming that the facility has met the necessary requirements to safely and reliably connect and operate 950 MWac of solar capacity and 825 MW of battery energy storage system within the national grid.   The teams successfully carried out the required tests in the past weeks, paving the way for the project’s grid approval and Phase 1 commercial operations.

“This is a significant step toward the future of energy in the Philippines. By combining solar power with battery storage at an unprecedented scale, we’re demonstrating how renewable energy can strengthen energy security, support economic growth, and build a more resilient and sustainable power system for our country,” said Manuel V. Pangilinan, Chairman of Meralco and Meralco PowerGen Corporation (MGEN).

From landmark construction to commercial service

The start of commercial operations follows the inauguration of MTerra Solar Phase 1 on 14 July 2026, which celebrated the energization of 1,373 MWac of solar PV capacity and 825 MW (equivalent to 3,300 MWh) of battery energy storage system, making it at that time, the world’s largest integrated solar PV and battery energy storage facility on a single site.

The facility’s Phase 1 progression from groundbreaking in November 2024 to the inauguration in July 2026, and now to its commercial operations, spanning less than two years, represents one of the most significant renewable energy achievements in the country. Another 250MWac capacity to be fulfilled under the same PSA is set to be brought into commercial operations in the upcoming months.

“MTerra Solar is proof that renewable energy can be developed at unprecedented scale while meeting the rigorous requirements necessary to operate safely and reliably within the grid. The issuance of the FCATC reflects the hard work of our people, the trust of our investors most especially Actis, and our strong partnership with NGCP under the guidance and support of our regulators –the DOE and the ERC. The close coordination among the agencies, system operator, and project teams was critical in delivering this remarkable achievement,” said Dennis B. Jordan, President and CEO of MGEN Renewables and MTerra Solar.

MTerra Solar, a joint investment of MGEN and Actis, combines vast solar generation capacity with the world’s largest battery energy storage system. Unlike a conventional solar facility, MTerra Solar can store a significant portion of the electricity it produces. This enables the project to provide more consistent and dependable power while helping support the stability of the national grid, making it possible for large scale renewable energy to meet the Philippines’ growing demand for reliable, affordable, and sustainable electricity.

“MTerra Solar is no longer simply a vision or a project under construction—it is now delivering power to the Filipino people. Reaching commercial operations reflects the determination, discipline, and exceptional work of thousands of people who helped bring this landmark facility to life. It also demonstrates what can be achieved when government and the private sector work together toward a shared national purpose,” Emmanuel V. Rubio, President and CEO of MGEN, shared.

“Given the scale of the project, taking it from groundbreaking to commercial power for Phase 1 in under two years is a huge achievement and testament to the operational capabilities of MGEN and Actis. With MTerra Solar’s commercial operations underway, we see renewables increasingly taking centre stage in the Philippines, providing clean, domestic, and secure power as energy demand rises,” said Rahul Agrawal, Managing Director and Head of SEA Energy, Actis.

Powering a more sustainable future

MTerra Solar forms a key part of MGEN’s growing renewable energy portfolio and its commitment to supporting the Philippines’ energy transition. The project is expected to deliver 3,500 MWp of solar PV capacity paired with 4,500 MWh of BESS, further strengthening the country’s renewable energy capacity. Actis, a leading growth market infrastructure investor,, has worked together with MGEN, to jointly develop MTerra Solar. The US$600 million investment made by Actis represents the Philippines’ largest foreign direct investment for a greenfield infrastructure project to date.

Its scale will make it a cornerstone of MGEN’s renewable energy portfolio and a major contributor to the Philippines’ transition toward a cleaner and more secure energy future.

As one of the country’s largest private infrastructure investments, MTerra Solar supports the Philippine Energy Plan and the government’s goal of increasing renewable energy’s share in the country’s power generation mix to 35% by 2030 and 50% by 2040.

More than a renewable energy project, MTerra Solar represents the scale of investment and innovation required to power the country’s continued economic development. The start of its commercial operations brings the Philippines closer to an energy system that is more diversified, resilient, sustainable, and prepared for the future.

Nueva Ecija, Philippines – 14 July 2026 — Meralco PowerGen Corporation (MGEN), together with its partners, today inaugurated MTerra Solar Phase 1, marking the completion of the first phase of what is set to become the world’s largest integrated solar photovoltaic (PV) and battery energy storage system (BESS).

The milestone underscores the Philippines’ growing leadership in large-scale renewable energy development while reinforcing the country’s path toward a more secure, affordable, and sustainable energy future.

During the inauguration, President Ferdinand R. Marcos Jr. emphasized the country’s ability to execute renewable energy projects of significant scale: “the MTerra Solar project is proof that the Philippines is capable not only of envisioning, but also of delivering.”

MGEN Chairman Manuel V. Pangilinan shared his vision for a future where clean, reliable energy is within reach of every Filipino. “What we inaugurate today will be the world’s largest integrated solar and battery storage facility located in a single site. And it rises not in Texas, not in the Gobi Desert, but right here in Gapan, Nueva Ecija. This inauguration today was made possible not only by Meralco but by many other hands, other minds, and many hearts,” Chairman Manuel V. Pangilinan exclaimed.

MTerra Solar Phase 1 has successfully energized 1,373 MW of solar PV capacity and 825 MW of battery energy storage, equivalent to 3,300 MWh, making it the largest operational integrated solar and battery facility on a single site globally. At present, its maximum export capacity to the Luzon grid remains at 750 MW pending completion of various works done in collaboration with the grid operator. The project has also fully energized all 741 battery units, enabling it to reliably deliver clean electricity to the Luzon grid.

Following the successful completion of required grid tests, the MTerra Solar facility is now ready to fulfill its 600-megawatt mid-merit Power Supply Agreement (PSA) with Meralco, providing customers with a dependable source of clean energy. As of end-June 2026, more than 2,000 MWdc of solar panels have already been installed under Phase 1, while the project has safely logged over 30 million work hours without a lost-time injury.

“MGEN has always believed that the energy transition must deliver not only cleaner power, but also reliable and affordable electricity for Filipinos. MTerra Solar demonstrates what is possible when vision, innovation, and collaboration come together. Beyond building one of the world’s most significant renewable energy facilities, we are helping build a stronger and more resilient Philippine energy system capable of supporting the country’s long-term economic growth,” said Emmanuel V. Rubio, President and CEO of MGEN.

A Global First, Built by Filipinos for the Philippines

Reflecting the inauguration event’s theme, “Araw ng Pilipino,” MTerra Solar stands as a proud symbol of what the Philippines can achieve through Filipino ingenuity, collaboration, and a shared commitment to nation-building. More than a milestone for MGEN, MTerra Solar is a milestone for the Philippines.

MTerra Solar, as the world’s largest integrated solar photovoltaic and battery energy storage facility developed on a single site, showcases the country’s ability to deliver infrastructure of global significance through the collective efforts of government, the private sector, host communities, and thousands of Filipino workers. Beyond setting a new global benchmark in renewable energy, MTerra Solar reflects the ingenuity, determination, and collaboration of Filipinos in building a more secure, affordable, and sustainable energy future.

Recognizing the project’s significance to the Philippines’ energy future, Lucy Heintz, Partner and Head of Energy Infrastructure at Actis, said: “We are delighted to be working with the high quality MGEN team to energize 1,373 MW of domestic energy to the Philippines, reducing import dependence, improving resilience and accelerating energy security, while giving the government and industrial customers greater visibility over future power costs. It’s fantastic to see the Philippines leading the world in delivering such a solution.”

Powering Energy Sufficiency Through Affordable Renewable Energy

As electricity demand continues to grow, MTerra Solar plays a vital role in strengthening the Philippines’ energy sufficiency by adding significant indigenous renewable energy capacity to the Luzon grid. As the lowest-cost mid-merit supply in Meralco’s energy supply mix, Phase 1 of the project will deliver 600 MW of dependable renewable energy, helping provide more affordable electricity to its customers, diversify its power supply portfolio, and reduce the country’s reliance on imported fuels.

With its integrated battery energy storage system, MTerra Solar can store solar energy generated during the day and dispatch it during periods of peak demand, providing reliable mid-merit power that enhances grid stability and energy security. The project supports the Philippine Energy Plan as one of the country’s largest energy infrastructure investments, and the government’s renewable energy targets of 35% by 2030 and 50% by 2040, while helping ensure sufficient, affordable, and reliable power to sustain the nation’s economic growth.

Creating Shared Value for Host Communities

“MTerra Solar is designed to create shared value. Beyond delivering clean and affordable energy, we have so far invested Php88.6 million in education, livelihood, public safety, and community development to ensure the benefits of this project create lasting opportunities for the people of Nueva Ecija and Bulacan,” shared Dennis B. Jordan, President and CEO of MGEN Renewables and Terra Solar Philippines Inc.

Beyond generating clean electricity, MTerra Solar continues to invest in the long-term development of its host communities. Since Phase 1 commenced, the project has benefitted more than 973,511 individual beneficiaries and 47 institutional beneficiaries.

Local residents have been equipped with technical skills for renewable energy construction and operations, with many graduates subsequently employed to support the project’s workforce. Road safety has likewise been enhanced through the installation of 260 solar-powered streetlights across host communities.

Sustainable livelihood opportunities were created by establishing rent-free marketplace spaces for local entrepreneurs, enabling them to serve thousands of workers during peak construction. Traffic management was also strengthened by training and equipping 214 community traffic marshals and establishing 17 marshal posts in strategic locations. Emergency preparedness further improved with the turnover of a fire truck and the construction of a fire substation in Gapan City, bringing faster emergency response capabilities to nearby communities.

As construction progresses toward the project’s full planned capacity, MTerra Solar will continue to serve as a cornerstone of the country’s energy transition, demonstrating that world-class renewable energy infrastructure can simultaneously strengthen energy security, improve affordability, create shared prosperity for communities, and power a better tomorrow for the Philippines.

To demonstrate that renewable energy development can complement rather than compete with agriculture, MTerra Solar also recently partnered with Central Luzon State University (CLSU) on pioneering agrivoltaics research. The studies will evaluate how crops can be successfully cultivated around and beneath solar panels, generating science-based recommendations that support farmer livelihoods, strengthen food security, and promote sustainable land use.

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.