MGen secures ₱150-billion loan for Philippines' largest solar, battery project

Meralco PowerGen Corporation (MGen) announced that its affiliate, Terra Solar Philippines, Inc. (MTerra Solar), has secured financing for what is poised to be the country's largest integrated solar and battery energy storage project. In a statement on Tuesday, April 22, MTerra Solar confirmed the finalization of a ₱150 billion loan agreement with six local banks to fund the 3,500 megawatt-peak (MWp) solar and 4,500 megawatt-hour (MWh) battery energy storage system (BESS).

The consortium of banks include BDO Unibank, Inc. (BDO), Security Bank Corporation (SB), China Banking Corporation (ChinaBank), Philippine National Bank (PNB), Metropolitan Bank & Trust Company (MetroBank), and Bank of the Philippine Islands (BPI). MGen stated that “BDO Capital & Investment Corporation was sole mandated lead arranger with BDO Unibank, Inc.



- Trust and Investments Group serving as facility agent and security trustee.” The company further noted the project's progress, stating it was 35 percent complete as of late March. “Once completed, MTerra Solar will supply 850 MW of mid-merit renewable energy to Meralco under a Power Supply Agreement (PSA),” it said.

Other ongoing developments include the substation, solar panel structure assembly, and transmission line construction, which the firm highlighted as signifying “strong momentum toward commercial operations and energy delivery for Phase 1 in the first quarter of 2026.” The MTerra Solar project spans across four municipalities in parts of Nueva Ecija and Bulacan. The first phase of development is expected to be completed by the first quarter of next year, with the second phase following a year later.

Once fully operational, this massive solar facility is anticipated to power at least 2.4 million households and reduce carbon emissions by 4.3 million tons annually.

MGen currently manages other key subsidiaries, including Global Business Power (MThermal), MGEN Renewable Energy Inc. (MGreen), and MGEN Gas Energy Holdings, Inc. (MNatural Gas).

It also holds a stake in Singapore’s liquefied natural gas (LNG) facility, PacificLight Power (PLP), and renewable energy (RE) firm SP New Energy Corporation (SPNEC). Additionally, MGen has a 40.2 percent stake in the Batangas LNG facility.

The company’s total combined net sellable capacity across its traditional and renewable assets is approximately 4,953 MW..