Terra Solar Philippines

What Terra Solar Philippines does

Terra Solar Philippines Inc. (operating as MTerra Solar) is a Philippine-incorporated special-purpose vehicle developing the world's largest single-location integrated solar photovoltaic and battery energy storage system (BESS), comprising 3,500 MWp of bifacial N-type TOPCon solar modules paired with 4,500 MWh of BESS (1,125 MW rated power, ~4 hours of discharge) on 3,500 contiguous hectares across five municipalities in Nueva Ecija and Bulacan. Total project investment is US$4.0 billion (over PHP 200 billion), connected to the Luzon grid via a purpose-built 13.8 km, 500 kV transmission line with 89 towers and a 500/230 kV main substation, and orchestrated by an integrated SCADA system with a Grid Controller aligned to NGCP requirements. The project is being built in two phases — Phase 1 (2,500 MWp + 3,300 MWh BESS) achieved grid synchronization in February 2026 and began commercial power delivery in March 2026, while Phase 2 (+1,000 MWp + 1,200 MWh BESS) EPC contracts were executed in October 2025 for 2027 commissioning.

The company's business model is a single-asset, single-offtake, long-duration power supply agreement structure: a 20-year PSA with Meralco covering 850 MW of mid-merit renewable energy (600 MW initial block by February 2026, remaining 250 MW by February 2027), with revenue recognized on energy delivered to the grid at undisclosed negotiated tariffs. Ownership is split between SP New Energy Corporation (SPNEC), controlled by Meralco PowerGen Corporation (MGEN) and MGEN Renewable Energy Inc. (MGreen), and Actis (40% equity stake acquired for ~US$600M in 2024-2025), with PHP 150 billion in project debt arranged by BDO Capital from six Philippine banks. Tier-1 EPC execution is led by China Energy Engineering Group (Energy China), POWERCHINA, Huawei (BESS supply), and MIESCOR, with construction workforce peaking above 9,500 and full operational scale expected to power 2.4 million households and avoid 4.3 million tons of CO₂ annually.

Name

Terra Solar Philippines

Legal name

Terra Solar Philippines Inc.

Website

https://terra-solar.com.ph

Company type

Private

Founded year

2020

Operating status

Operating

Short description

Terra Solar Philippines Inc. (MTerra Solar) is developing the world's largest single-location integrated solar PV and BESS facility (3,500 MWp solar, 4,500 MWh storage) on 3,500 hectares in Nueva Ecija and Bulacan, supplying 850 MW to Meralco under a 20-year PSA.

Ownership category

akta.pro rank

Product category

Utility-Scale Solar Power Generation

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

Keywords

• Utility-scale solar power
• Battery energy storage
• Renewable energy generation
• Solar PV infrastructure
• Grid-scale energy storage

Headquarters

HQ city

Pasig

HQ country

Philippines

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D

Revenue model

1. Power Supply Agreement with Meralco: Long-term 20-year Power Supply Agreement (PSA) with Meralco for 850 MW of mid-merit renewable energy capacity. Initial delivery of 600 MW by February 2026, with remaining 250 MW by February 2027. Revenue generated from electricity sales to Meralco, the largest private sector electricity distribution utility in the Philippines covering 39 cities and 72 municipalities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Terra Solar Philippines Inc. is developing MTerra Solar, the world's largest integrated solar photovoltaic and battery energy storage facility, with 3,500 MWp of solar PV capacity paired with 4,500 MWh of BESS across 3,500 hectares in Nueva Ecija and Bulacan, Philippines. The project delivers 850 MW of mid-merit renewable energy to Meralco under a 20-year Power Supply Agreement and is connected to the Luzon grid via a dedicated 13.8 km 500 kV transmission line. Once fully operational, the facility is expected to supply clean energy to approximately 2.4 million households and avoid 4.3 million tons of carbon emissions annually.

Product overview

MTerra Solar is developing the world's largest integrated solar and battery storage facility in the Philippines. The core offering consists of a 3,500 MWp solar photovoltaic plant paired with a 4,500 MWh Battery Energy Storage System (BESS), connected via a dedicated 13.8 km 500 kV transmission line. The project comprises two development phases: Phase 1 delivering 2,500 MWp + 3,300 MWh BESS (targeting early 2026 completion), and Phase 2 adding 1,000 MWp + 1,200 MWh BESS (targeting 2027 completion). The integrated SCADA system with Grid Controller enables 24/7 remote operations and grid integration. Once completed, the project will supply clean energy to approximately 2.4 million households and avoid 4.3 million tons of carbon emissions annually.

Differentiator

Problem solved

Functional benefit

Products and services

• MTerra Solar Project The world's largest integrated solar photovoltaic and battery energy storage system facility, delivering 3,500 MWp of solar capacity paired with 4,500 MWh of BESS, located across municipalities in Nueva Ecija and Bulacan, Philippines. Designed to supply 850 MW of mid-merit renewable energy under a 20-year Power Supply Agreement with Meralco and power approximately 2.4 million households.
• 3,500 MW Solar PV Plant Solar photovoltaic power plant utilizing bifacial N-type TOPCon modules with higher power ratings, fixed-tilt galvanized steel structures, and optimized 9-degree tilt with 7.5-meter pitch achieving 0.3 ground coverage ratio. Deploys approximately five million solar panels across the integrated facility.
• 4,500 MWh Battery Energy Storage System (BESS) Battery energy storage system with 1,125 MW rated power and 4,500 MWh storage capacity enabling approximately 4 hours of discharge, featuring battery containers, storage inverters, power transformers, and power conversion systems managed by an Energy Management System (EMS).
• 500 kV Transmission Line
• Supervisory Control and Data Acquisition (SCADA) System

Quantifiable outcome

• 3,500 MWp solar PV capacity paired with 4,500 MWh battery storage - world's largest integrated solar and battery facility
• +5 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, major and minor.

• Energy China (Phase 2 EPC)coreImplementation/ SI/ Consulting Partner · 23 October 2025Phase 2 EPC contracts executed October 23, 2025 covering South Block (1,050 MWp solar farm and 1.2 GWh BESS). Includes GEDI Construction Development Corporation (Onshore Contract) and China Energy International Group Co., Ltd. with China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd. (Offshore Contract).
• China Energy Engineering Group Co., Ltd (Energy China)coreImplementation/ SI/ Consulting Partner · 18 November 2024EPC contract for world's largest contiguous solar and battery power plant. Energy China is a Fortune Global 500 company with experience in major projects like Three Gorges Dam. Oversees procurement, design, engineering, permitting, manufacturing, testing, logistics, and on-site delivery.
• POWERCHINAmajorImplementation/ SI/ Consulting PartnerEPC contractor for MTerra Solar project construction alongside Energy China.
• HuaweimajorTechnology or IntegrationSupplying the battery energy storage system (BESS) for the project.
• Meralco Industrial Engineering Services Corp. (MIESCOR)majorImplementation/ SI/ Consulting PartnerEPC contractor for transmission line linking MTerra Solar to the Luzon power grid.
• Maxipro Development Corp. and Fujian Electric Power and Engineering Co. Ltd.minorImplementation/ SI/ Consulting PartnerEPC contractors for the high-voltage interconnection line.
• Asia Pacific Rim International Construction and Trading CorporationminorImplementation/ SI/ Consulting PartnerMedium Voltage Switchgear contractor for Phase 1.
• Meralco Power Academy (MPA)minorStrategic or Co-development PartnerPartnership for community development in Nueva Ecija through TERRAnsform job readiness training program, training local residents in solar panel installation and electrical work.
• Local Government Units (Nueva Ecija)majorStrategic or Co-development PartnerPartnership with municipalities of Gapan City, Peñaranda, and General Tinio for community development programs including BrighTER streetlight initiative, TERRAnsform training, and CarTER marketplace support.
• SP New Energy Corporation (SPNEC)coreStrategic or Co-development PartnerParent company and joint investor with Actis in Terra Solar Philippines Inc. SPNEC is PSE-listed and specializes in land identification, acquisition, and conversion for solar project development. Controlled by MGen Renewable Energy Inc.
• Meralco PowerGen Corporation (MGEN)coreStrategic or Co-development PartnerParent company through affiliate relationship. MGEN is the power generation arm of Meralco, operating diverse power generation assets. MGen Renewable Energy Inc. (MGreen), MGEN's renewable energy unit, holds controlling stake in SPNEC.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• Vena Energy: Asia-Pacific renewable energy developer headquartered in Singapore with significant operations across Southeast Asia, including the Philippines. Comparable as a regional utility-scale solar and storage developer expanding into co-located BESS projects.

Broad incumbents

• NextEra Energy Resources: World's largest renewable energy generator and a subsidiary of NextEra Energy. Comparable as a global utility-scale solar and battery storage IPP with deep project finance expertise, though operating in mature OECD markets rather than emerging Southeast Asia.
• Engie: Global multinational utility with significant renewable energy operations across Asia-Pacific including the Philippines. Comparable as a broad incumbent transitioning a thermal-heavy portfolio toward large-scale solar and battery storage IPPs in emerging markets.
• ACWA Power: Saudi-listed global developer, investor, and operator of power and desalination plants, including large-scale solar PV and CSP. Comparable as a global infrastructure developer with co-located renewable-plus-storage IPP expertise and emerging-market project finance capabilities.
• EDP Renováveis: Global renewable energy developer listed in Lisbon with operations across multiple continents. Comparable as a utility-scale solar and wind IPP pursuing co-located storage and long-term corporate/utility offtake agreements.

Direct peers

• First Gen Corporation: Philippine-listed IPP with significant geothermal, hydro, solar, and natural gas capacity. Comparable as a diversified Filipino power generator pursuing the country's energy transition and operating renewable baseload/mid-merit assets under long-term contracts.
• ACEN Corporation: Ayala Group's listed renewables platform in the Philippines, developing and operating utility-scale solar, wind, and battery storage projects. Directly comparable as a Philippine renewable IPP with both domestic and regional expansion ambitions.
• SP New Energy Corporation (SPNEC): Terra Solar Philippines' parent company and PSE-listed Philippine solar developer focused on land identification, acquisition, and conversion for utility-scale solar projects. Most directly comparable as the controlling shareholder and pipeline generator for MTerra Solar.
• Solar Philippines Power Project Holdings: Largest solar developer in the Philippines and historical co-founder of Terra Solar Philippines. Closely comparable in terms of utility-scale solar project development and being a domestic champion in the Philippine solar build-out.
• Aboitiz Power Corporation: One of the Philippines' largest power generation groups with a growing renewable energy portfolio (solar, hydro, geothermal, wind). Directly comparable as a diversified Philippine IPP expanding into large-scale renewables alongside thermal assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/meralcopowergencorporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terra Solar Philippines