Meralco Unit, Terra Solar Seal P7.8-Billion Deal for Luzon Grid Connection

Meralco’s subsidiary, Meralco Industrial Engineering Services Corporation (MIESCOR), has signed a P7.8-billion agreement with Terra Solar Philippines, Inc. (TSPI) to construct the infrastructure connecting Terra Solar’s massive solar farm to the Luzon grid. The project is part of Meralco’s effort to prevent transmission issues from affecting the connection of its P200-billion solar farm, which is currently under development.

The deal, disclosed by SP New Energy Corp. (SPNEC) on Friday, includes the construction of a main collector substation, two satellite collector substations for the solar photovoltaic (PV) facility, and two 230-kilovolt transmission lines. The project also involves an additional $116.9 million for offshore equipment.

MIESCOR President and CEO Richard Ochava expressed excitement about the project, stating, “MIESCOR is fully committed to advancing renewable energy infrastructure.” Construction is already underway and is expected to be completed by 2027.

The solar farm, located in Nueva Ecija and Bulacan, is set to be the largest of its kind globally, featuring 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage. Once operational, it could supply power to over 2.4 million households.

Earlier this month, SPNEC partnered with global investment firm Actis, which invested P34 billion into the solar development.