President Ferdinand R. Marcos Jr. on Tuesday hailed the MVP Group's MTerra Solar Project in Nueva Ecija, calling it a major step toward strengthening the country's energy security and accelerating the shift to renewable energy.

Speaking during the inauguration of the Terra Solar Main Collector Substation in Gapan City, Marcos said the Philippines remains heavily dependent on conventional energy sources, with coal accounting for 57 percent of power generation last year, while renewables contributed only 25 percent.

"That underscores the importance of diversifying our energy sources and moving our energy mix toward renewables," the President said.

Once completed, the P200-billion project is expected to generate up to 3,500 megawatts of solar power and provide 4,500 megawatt-hours of battery storage, making it the world's largest integrated solar and battery storage facility.

The project is expected to supply electricity to more than 2.4 million households, reduce carbon emissions by 4.3 million metric tons annually, and generate nearly P23 billion in economic benefits over the next decade.

Marcos said the project will also create jobs, increase local government revenues and support community development.

The President added that the government continues to encourage renewable energy investments, noting that the Department of Energy has awarded 605 renewable energy contracts from July 2022 to May 2026 and launched the 10-Year Green Energy Auction Program to expand the country's renewable energy capacity through 2035.