Actis has reached the closing of the acquisition of a stake in Terra Solar Philippines along with SP New Energy Corporation which is a subsidiary of MGEN Renewable Energy. This marks the completion of the share subscription agreement between Terra Solar Philippines and Actis.
Furthermore, this agreement grants Actis the right to an equity stake in MTerra Solar for a total consideration of approximately $600 million. MTerra Solar has 850 MW capacity contracted over 20 years. Additionally, the project aims to contribute to the Philippines’ renewable portfolio standards programme.
The Philippines’ renewable energy sector has been rapidly expanding. Earlier in January 2025, Masdar inked an implementation agreement and a MoU with the Philippines government to develop 1 GW of clean energy projects to strengthen its growing portfolio in Southeast Asia. These agreements will cover the development of solar, wind, and battery energy storage systems which will have a combined capacity of up to 1 GW by 2030.
