UK-based Actis completes purchase of 40% in Terra Solar

Meralco PowerGen Corp. (MGen) is putting up a P200-billion solar facility in Luzon. INQUIRER FILE PHOTO

MANILA, Philippines – UK-based investment firm Actis has completed its acquisition of a 40-percent stake in Meralco PowerGen Corp. (MGen)’s P200-billion solar facility in Luzon.

SP New Energy Corp.  (SPNEC), MGen’s renewable energy vehicle spearheading the construction of the massive solar farm in Nueva Ecija and Bulacan, announced this development in a filing to the local bourse Monday.

READ: Meralco unit names UK-based Actis as partner for P200-B Terra Solar park

The transaction value was at $600 million, SPNEC said. The closing of the deal came more than six months after both parties inked the share subscription agreement in September 2024.

“This landmark investment marks a major step forward in our mission to accelerate
the clean energy transition in the Philippines,” said Emmanuel Rubio, president and chief executive officer of MGen and SPNEC.

“This collaboration with Actis and MGen strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient
energy future,” he added.