Actis has disclosed it will be making a $600m (€551m) investment for its stake in the Terra Solar Philippines (MTerra Solar) project.
The confirmation follows the infrastructure fund manager’s previously announced investment in the project, which it had described in September last year as the largest foreign direct investment for a greenfield infrastructure project in the Philippines.
At that time, no financial details were released. The project was then fully owned by MGEN Renewable Energy, through its subsidiary SP New Energy Corporation (SPNEC).
Rahul Agrawal, partner, head of energy for Southeast Asia at Actis, said: “MTerra Solar is a marker of what’s possible in terms of scale and ambition with renewable energy in Southeast Asia.
“It represents the largest such project in this fast-growing region, and we’re delighted to be partnering with MGEN and MGreen to deliver this critical project and accelerate the Philippines’ energy transition.”
Lucy Heintz, partner, head of energy infrastructure at Actis, said: “Actis specialises in building and operationalising energy assets both to accelerate the energy transition as we seek to deliver value for our investors.
“We are resolute in achieving these goals, and this project is expected to do just that and provides an excellent illustration of how we look to deliver a clean energy future at scale.”
Emmanuel V Rubio, president and CEO of MGEN and SPNEC, said: “This landmark investment marks a major step forward in our mission to accelerate the clean energy transition in the Philippines. With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable, and cost-effective energy solutions.
“This collaboration with Actis and MGEN strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient energy future.”
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