MGEN Secures PHP 150B for World’s Largest Solar Project

Meralco PowerGen Corporation (MGEN), through its subsidiary Terra Solar Philippines Inc. (MTerra Solar), has secured PHP 150 billion in project financing to build what is poised to be the world’s largest integrated solar and battery energy storage facility.

The landmark financing agreement was signed with six of the Philippines’ top banks, marking a major step forward in the country’s push toward renewable energy transformation.

Spanning four municipalities in Nueva Ecija and Bulacan, the MTerra Solar Project will generate 3,500 megawatts peak (MWp) of solar energy and store up to 4,500 megawatt-hours (MWh) of electricity—enough to power approximately 2.4 million households.

Once completed, the project is expected to reduce carbon emissions by an estimated 4.3 million tons annually, supporting the country’s climate commitments and energy security.

As of March 2025, construction was 35 percent complete, with Phase 1 targeting commercial operations by the first quarter of 2026.

Phase 1 includes assembly of solar panel structures, construction of substations, and the development of new transmission lines necessary to deliver clean power to the grid.

Under an existing Power Supply Agreement, 850 MW of mid-merit power output from the facility will be delivered to Manila Electric Company (Meralco), ensuring flexible and reliable energy for consumers.

“This project is a critical step in meeting the country’s goal of 35% renewable energy share by 2030, and 50% by 2050,” the company said in a statement.

The syndicated loan was arranged by 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 served as the sole mandated lead arranger, while BDO’s Trust and Investments Group acted as the facility agent and security trustee for the financing package.