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Executives of Actis Capital and Solar Philippines New Energy Corp. sign an investment agreement for the former’s acquisition of a 40-percent stake in SPNEC unit Terra Solar Philippines for $600 million. Leading the signing ceremony are Rahul Agrawal, head of energy business for Southeast Asia at Actis Capital, Actis chairman and senior partner Torbjor Caesar, Meralo PowerGen Corp. chairman Manuel Pangilinan and MGen president Emmanuel Rubio said.
The 3.5 gigawattpeak solar project combines with a 4.5 gigawatt-hour battery energy storage system capacity in the provinces of Bulacan and Nueva Ecija. “We expect our strategic partnership will not only put the Philippines in the global spotlight, it will also thrust one Meralco into the international stage as a leader in the renewable energy space, through its ownership of the world’s largest hybrid solar project, which is poised to power more than 2.4 million households in the Philippines and displace 4 million tons of carbon dioxide every year,” MGen president Emmanuel Rubio said.
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