INQUIRER.net stock images
Offloading more stake in Terra Solar Philippines is not on the table after the group welcomed a new investor over the weekend, tycoon Manuel V. Pangilinan said.
Pangilinan, Manila Electric Co. (Meralco) chair, said global investment firm Actis would be the company’s “only partner” in building a P200-billion solar farm in Nueva Ecija and Bulacan.
Article continues after this advertisement“We don’t want to go below 60 percent. And they’re already at 40 [percent],” he told reporters after the group revealed its strategic partnership with the UK-based firm.
FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansionREAD: Meralco group secures P2.9-B funding for solar farms in Nueva Ecija, Isabela
On Friday night, Meralco PowerGen Corp. (MGen), the power generation arm of Meralco, officially announced that Actis would hold a 40 percent stake in Terra Solar Philippines in exchange for P34 billion in investment.
Article continues after this advertisementMGen’s SP New Energy Corp. (SPNEC) would lead the development of the Terra Solar project.
Article continues after this advertisementAccording to Pangilinan, the group already has contractors for the transmission requirements of the project, namely Chinese firm Fujian Engineering and Meralco Industrial Engineering Services Corporation.
Article continues after this advertisement“When phase one is energized, we need transmission. So that’s in the critical path because you cannot energize phase one if there’s no transmission,” he said.
SPNEC president and chief executive Emmanuel Rubio earlier said construction works would be done in two phases.
Article continues after this advertisementThe first phase, with a target capacity of 2,500 megawatts (MW) is expected to be finished by 2026. The second phase with a capacity of 1,000 MW is eyed for completion by 2027.
The development would also be boosted with a 4,000-MW hour energy storage system.
Pangilinan added that the current progress rate of the project was at 60 to 67 percent.
“By the end of September, it will be probably 80 to 90 percent,” he said.
Rubio and Pangilinan both said that the massive development could be seen from outer space once operational.
“We expect our strategic partnership will not only put the Philippines in the global spotlight, it will also thrust Meralco into the international stage as a leader in the renewable energy space, through its ownership of the world’s largest hybrid solar project,” Rubio said.
Subscribe to our daily newsletter
The Terra Solar project is also designed to power over 2.4 million Filipino households. —Lisbet K. Esmael INQliberty slots
READ NEXT Alibaba’s Hong Kong shares rally as Chinese traders pile in Asian markets battle to match Wall Street rally ahead of US in... EDITORS' PICK WPS: US missile deployment to PH key for combat readiness – US general Central Visayas’ most wanted killed in shootout in Argao, Cebu LIVE UPDATES: Tropical Storm Kristine NBA: Nuggets give Aaron Gordon 4-year, $133M extension Sandro Marcos calls out VP Sara Duterte: ‘You crossed the line’ Heart Evangelista: Woman to woman, I never had a problem with Pia Wurtzbach MOST READ SC issues TRO vs Comelec resolution on dismissed public officials Tropical Storm Kristine slightly intensifies; Signal No. 2 in 5 areas LIVE UPDATES: Tropical Storm Kristine Espenido retracts drug-related allegations vs De Lima View comments