Meralco PowerGen Corporation (MGen) is exploring a potential renewed partnership with global infrastructure investment firm Actis as it lays the groundwork for the next phase of its massive solar energy expansion in Luzon.
MGen President and Chief Executive Officer Emmanuel Rubio stated that the firm is open to entertaining a new proposal from Actis for the upcoming “Terra Solar 2” initiative. This follows their joint venture on the initial 3,500-megawatt-peak Terra Solar project, in which Actis injected $600 million in equity—marking the largest greenfield foreign direct investment in the Philippines.
Rubio noted that MGen may keep the established 60-40 equity structure used in the original development.
He added that Actis remains satisfied with the venture’s operational progress, as the first phase now delivers 600 megawatts of mid-merit power to Meralco under a long-term supply agreement.
For Terra Solar 2, MGen is currently assessing potential sites in Quezon province. The proposed footprint is expected to span roughly one-fourth to one-third of the land area utilized by the first project.
A key priority for the expansion is site acquisition. Rubio emphasized that MGen aims to secure 100% control over all required land properties prior to breaking ground to avoid operational bottlenecks.
During the first project, land rights acquired in Nueva Ecija from Batangas 1st District Representative Leandro Leviste stood at only 45% when development commenced, highlighting the necessity of full property control before starting construction.
MGen recently took over operational management of the original Terra Solar project from Solar Philippines via its renewable energy unit, SP New Energy Corporation (SPNEC), and subsidiary Terra Nueva Inc.
Terra Nueva Inc. has since finalized further land purchases from Solar Philippines affiliates Provincia Investments Corporation and JJPNM Agro Industrial Inc., though specific transaction amounts and total acreage remain undisclosed.