Actis invests in Terra Solar Project, the world's largest integrated renewables and energy storage project in the Philippines

Type: Investment · Technology: Hybrid · Country: Philippines · Capacity: 3500 MW · Announced: 2024-09-06

Actis acquired a significant stake in the Terra Solar Project from ACEN for an estimated $1.5 billion, securing a key asset in the Philippines' energy transition. Located in Central Luzon, the project.

Analysis

Actis has committed an estimated $1.5 billion to acquire a significant stake in the 3500 MW Terra Solar Project from ACEN, securing the world's largest integrated renewables and energy storage facility in Central Luzon, Philippines. This investment by Actis, a global firm focused on sustainable infrastructure, directly targets the Philippines' energy transition by adding substantial hybrid capacity. The project's immense scale provides a robust solution for grid stability and decarbonization, aligning with Actis's strategy in emerging markets. This transaction demonstrates the increasing appetite for large-scale, complex renewable energy assets that combine generation with storage capabilities. The deal was announced on 2024-09-06. Morgan Stanley, a global financial services firm managing over $1.4 trillion in assets, advised on the transaction. Actis, known for its investments in sustainable infrastructure across emerging markets, adds this 3500 MW hybrid asset to its portfolio. Manila Electric Company (Meralco), the Philippines' largest electricity distribution utility serving over 7.6 million customers, acts as a key partner, facilitating the project's integration into the national grid. Solar Philippines New Energy Corporation, a Philippine-based developer, also partners in the project. Legal counsel for the buyer was provided by Milbank, a global law firm with over 700 lawyers specializing in complex project finance, alongside Sycip Law, a leading Philippine firm established in 1945, which brings local M&A and infrastructure expertise. This collaboration of international and local entities drives the development of critical energy infrastructure in the Philippines.

Key points

Counterparties

Source article