Global investment firm Actis has confirmed an initial $600 million investment in Terra Solar Philippines, which will undertake SPNEC and Meralco's ambitious solar farm project spanning the provinces of Bulacan and Nueva Ecija. The parties formalized their partnership this Friday evening.

The Terra Solar project will feature 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage. The project is poised to become the world's largest solar farm, so big that it can be seen from outer space.

In his speech, SPNEC President and CEO Emmanuel V. Rubio said the partnership with Actis will not only generate the much-needed funds to complete the project but will also help put the Philippines on the map as a hotspot for renewable energy projects.

To recall, Meralco Chairman and CEO Manuel V. Pangilinan first revealed SPNEC’s plan to sell up to 40 percent of Terra Solar to potential investors early this year.