Actis has completed its acquisition of a stake in MTerra Solar Philippines, Inc., in partnership with MGEN Renewable Energy, Inc. (MGreen) through SP New Energy Corporation (SPNEC).
This follows the Share Subscription Agreement signed on September 6, 2024, granting Actis equity rights in MTerra Solar, subject to conditions, for approximately $600 million.
MTerra Solar, one of the largest mid-merit renewable projects in the Philippines, boasts an 850MW contracted capacity over 20 years.
This investment represents the largest foreign direct investment (FDI) in a single greenfield infrastructure project in the country, reinforcing its strategic role in the Philippine renewable energy sector. As the nation’s energy demand rises, MTerra Solar will play a key role in supporting its Renewable Portfolio Standards (RPS) programme.
Advisors:
SPNEC: Financial advisor – UBS AG Singapore Branch; Legal counsel – Latham & Watkins, Picazo Law
Actis: Financial advisor – Morgan Stanley; Legal counsel – Milbank, SyCip Law
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