MTerra Solar development fast gaining steam

MANILA, Philippines — Pangilinan-led Meralco PowerGen Corp. (MGen) is close to hitting the halfway mark in developing the first phase of the world’s largest integrated solar and battery storage facility.

MGen president and CEO Emmanuel Rubio said the company has reached “around 44 to 45 percent” completion rate for the MTerra Solar Phase 1 development.

About 90 to 100 megawatts worth of solar panels have been installed, with Rubio expecting the total to reach 700 MW by the end of July this year.

“(The construction) would be quick once the mountings have been installed, and most of them have been installed,” Rubio said on the sidelines of the 2025 Innovation Day hosted by industrial tech firm Schneider Electric.

Straddling the provinces of Nueva Ecija and Bulacan, the P200-billion MTerra Solar consists of a 3,500-MW solar farm paired with a 4,500-MW-hour battery energy storage system (BESS).

According to Rubio, the project’s first phase is on track for completion by early next year.

“That’s the goal. As far as what we’re seeing, March 2026 is likely the latest,” he said.

The Meralco Group took over MTerra Solar after acquiring a controlling stake in SP New Energy Corp. (SPNEC) through MGen Renewable Energy Inc. (MGreen).

At present, over 5,000 contractors are already deployed at the project site, with workforce numbers anticipated to hit 16,000 during the height of the construction.

“We want MTerra Solar to benefit not just the energy sector but also the communities hosting it. This is what inclusive energy development looks like,” MGreen president and CEO Dennis Jordan said.

Once operational, MTerra Solar is poised to provide clean power to around 2.4 million households and displace about 4.3 million tons of carbon emissions annually.

Just last month, SPNEC sealed a P150-billion omnibus loan – the largest in the Philippines to date – with a consortium of local banks to finance the project’s construction.

The transaction involved BDO Unibank, Inc., Security Bank Corp., China Banking Corp., Philippine National Bank, Metropolitan Bank & Trust Co. and Bank of the Philippine Islands.

This came weeks after the Meralco Group finalized a $600-million investment with UK-based private equity firm Actis, which Pangilinan regarded as a “super deal” for the Philippines.

While MTerra Solar’s construction is now in full swing, MGen is also looking to take its BESS expertise outside Luzon, with plans to put up a battery storage project in Cebu.

Rubio said the BESS facility has a potential capacity of 20 to 50 MWh, with commercial operations targeted in the third quarter of 2026.