Philippines launches $3.4 billion MTerra solar project
Author: PPD Team Date: December 2, 2024
The Government of the Philippines has initiated the MTerra Solar Project in Nueva Ecija and Bulacan, with an investment of $3.4 billion.
The project aims to generate 4,500 MWh of energy, supplying electricity to approximately 2.4 million homes by 2027.
This initiative is a collaboration between Terra Solar Philippines, Meralco PowerGen Corporation (MGEN), and SP New Energy Corporation (SPNEC).
It is expected to reduce carbon emissions by over 4.3 million tonnes annually, equivalent to removing 3 million cars from the roads.
The first phase is scheduled to launch by March 2026, aligning with the national target of achieving a 35% renewable energy share in the power mix by 2030.