(Meralco) unit, SP New Energy Corp. (SPNEC), is venturing into the solar energy sector with a strategic partnership with the UK-based private equity firm Actis. The partnership aims to drive the growth of solar energy in the Philippines. The deal was sealed last Friday with SPNEC issuing shares equivalent to a 40-percent stake in Terra Solar Philippines Inc. (TSP) to Actis. SPNEC is the holding company of Meralco’s power generation and distribution arm, while TSP is a leading solar energy company in the Philippines.

This project is expected to be completed in 2025. The project is located in the province of Bulacan, Philippines, and will be the largest solar farm in the country. It will be a significant contributor to the country’s renewable energy goals, aiming to reduce reliance on fossil fuels and promote sustainable development. SPNEC, through Terra Solar, is also developing a 1,000 MW solar farm in the province of Iloilo, Philippines. This project is expected to be completed in 2026. SPNEC, through Terra Solar, is exploring the development of a 500 MW solar farm in the Philippines.