MPIC wants bigger solar energy exposure
Terra Solar Philippines Inc., an affiliate of SPNEC, is currently constructing the first Terra Solar project, a 3,500-megawatt solar farm with a 4,500 megawatt-hour battery storage system in Central Luzon
Daily TribuneTerra Solar Philippines Inc., an affiliate of SPNEC, is currently constructing the first Terra Solar project, a 3,500-megawatt solar farm with a 4,500 megawatt-hour battery storage system in Central Luzon
Metro Pacific Investments Corp. (MPIC) is expanding its renewable energy portfolio with a second large-scale solar project in Batangas through its power arm, Manila Electric Co. (Meralco).
In a chance interview with reporters, MPIC chairman, president and CEO Manuel V. Pangilinan confirmed that Meralco affiliate SP New Energy Corp. (SPNEC) is looking at possible sites in Batangas to develop what will be called “Terra Solar 2.”
Terra Solar Philippines Inc. (TSPI), an affiliate of SPNEC, is currently constructing the first Terra Solar project, a 3,500-megawatt solar farm with a 4,500 megawatt-hour battery storage system in Central Luzon.
The facility is expected to provide clean energy to over two million households. Meralco’s renewable energy arm, MGEN Renewable Energy Inc. (MGreen), holds a controlling stake in SPNEC.
“We’re talking to Lean and nothing’s been finalized,” he said, referring to SPNEC founder Leandro Leviste, whose majority stake in the company was acquired by the Pangilinan group last year.
He added that while Batangas is the preferred location, the planned facility is “not yet as big” as the first Terra Solar project, which spans Bulacan and Nueva Ecija and is currently the largest in MPIC’s portfolio and the world.
Once operational, the Terra Solar facility will integrate solar power with advanced battery storage to deliver 850 MW of mid-merit, clean and reliable energy, positioning it as a competitive alternative to conventional power plants.
Pangilinan also confirmed plans to consolidate MPIC’s renewable energy assets through the backdoor listing of MGreen this year, allowing the group to streamline its investments under a single entity.
“By then we can inject our existing solar projects, operating and non-operating so we can have just one entity,” he said.