Actis acquires 40% of Philippines' Terra Solar project

UK investment firm Actis has finalized its purchase of a 40-percent stake in Meralco PowerGen Corp.'s Terra Solar Philippines. This acquisition provides a $600 million boost for the solar power plant, which is the largest in the world. The deal was completed over six months after a share subscription agreement was signed in September 2024. The solar facility, located in Luzon, is part of a P200 billion project aimed at increasing renewable energy in the Philippines. Terra Solar is designed to have a total capacity of 3,500 megawatts and includes a 4,500 megawatt-hour battery storage system. Chinese firms are leading the project's construction and equipment supply.