LARGEST SOLAR PROJECT. Meralco chairman and CEO Manny Pangilinan (2nd from left) and Board of Investments (BOI) Chair and Trade Undersecretary Ceferino Rodolfo (2nd from right) attend the Green Lane Certificate Awarding of the 3,500-MW Terra Solar Project at the Meralco Business Center Lopez Building, Ortigas Ave, Quezon City on Aug. 5, 2024. Joining them were MGen president and CEO Emmanuel Rubio (left) and BOI Governor Marjorie Ramos-Samaniego (right). (Courtesy of BOI)
MANILA, Philippines – The Board of Investments (BOI) has granted a green lane certificate to a solar power project claimed to be the world’s largest being undertaken by one of the companies of business mogul Manuel Pangilinan.
In a statement Tuesday, the BOI said it awarded the certificate of green lane endorsement to Terra Solar Philippines, Inc. (TSPI) last Aug. 5 for its 3,500-megawatt Terra Solar project with a 4,500-megawatt hour battery energy storage system (BESS).
The company claims to be the largest solar power project in the world that spans across 3,500 hectares of land in two provinces —Bulacan and Nueva Ecija.
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The green lane certificate was received by Pangilinan and Meralco PowerGen Company (MGen) president and chief executive officer Emmanuel Rubio.
TSPI is a subsidiary of SP New Energy Corporation (SPNEC) —chaired by Pangilinan— and MGen Renewable Energy, Inc. (MGreen), the renewable energy arm of MGen —a unit of Pangilinan-led Manila Electric Company (Meralco).
The project is already registered with the BOI in July, with an investment value of P185.28 billion and is expected to create 4,165 jobs.
“The basic objective of the Philippines now under this administration is not just to grow —we are already the fastest-growing economy in the region— but more importantly to transform the Philippine economy into a smart and sustainable hub for manufacturing and services, and exactly supporting that would be the sectors and industries that you are investing in,” BOI Undersecretary Ceferino Rodolfo said.
The project also received a Certificate of Energy Project of National Significance from the Department of Energy last July 23, as any national energy project with a capital exceeding US$59 million is deemed significant.
The company said the government’s green lane initiatives could help it achieve its timeline for the project to start commercial operations for the first phase by February 2026 and the second phase a year after.
“Having the green lane certificate is a testament to our commitment to excellence, innovation, and environmental stewardship. It’s also a recognition of our collective efforts to prioritize and fast track projects that will accelerate the country’s low carbon transition —and this one is expected to deliver by February 2026,” Rubio said.
In February 2023, President Ferdinand Marcos Jr. signed Executive Order 18, establishing the One-Stop Action Center for Strategic Investments within the BOI. This center aims to expedite the processing of permits and licenses for strategic investments —those with significant economic impact—across relevant national government agencies and local government units.