AFRY has been engaged as the lenders’ technical advisor (LTA) for a landmark solar and battery energy storage project in the Philippines. With a total capacity of 3500 MWp of solar power combined with 4500 MWh of battery storage, it will be the largest installation of its kind globally.
Terra Solar Philippines Inc., backed by MGreen, the renewable energy subsidiary of the Philippines’ largest energy distribution utility, Meralco, together with a consortium of six banks, has appointed AFRY to provide technical advisory services for the development and construction of its flagship project, which spans six municipalities across Nueva Ecija and Bulacan provinces.
AFRY conducted the initial technical due diligence that enabled the bankability of the project, which recently secured one of the largest financing deals in the Philippine energy sector. As the project moves into the next phase, AFRY’s role continues with construction monitoring through to final completion, followed by operational phase support through operations and maintenance and annual budget re-view.
This transformative project will be developed in two phases, with completion targeted for 2026 and 2027. Once operational, it will be connected to the grid through a 13-km 500 kV transmission line.
The Terra Solar project is expected to supply clean, reliable energy to around 2.4 million households and reduce carbon emissions by approximately 4.3 million tpy. The facility will also contribute to grid stability, energy security, and long-term resilience for the Philippines.
“The Terra Solar initiative represents a significant step forward in supporting the Philippines’ energy roadmap – enhancing energy security, building long-term resilience, and enabling a low carbon future. We are excited to contribute our expertise as LTA to a greener future and be part of a project that will deliver lasting environmental and economic benefits,” said Petteri Harkki, AFRY’s Regional Director for Asia.
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