Actis closes $600M investment in 850MW MTerra Solar with MGreen

UK-based Actis has officially completed its $600 million investment in MTerra Solar, finalizing the deal signed in September 2024 with MGEN Renewable Energy, Inc. (MGreen) and SP New Energy Corporation (SPNEC). The project has a contracted capacity of 850 MW over 20 years, this means the guaranteed amount of power it will deliver to off-takers. However, the project will have a larger setup with 3,500 MW of solar panels that can produce maximum power in full sunlight. It will also include 4,500 MWh of batteries to store and supply power when needed. Construction started in November 2024. Key development steps such as land securing, contractor selection, and transmission line construction are underway. The project is backed by PHP 150 billion in financing and targets commercial operations in the first quarter of 2026. MTerra Solar also supports the Philippines’ 35% renewable energy target by 2030.