Ajay Mullangi article in PV Magazine: The Philippines’ PV and storage mega-project
Ajay Mullangi, Principal at Actis, spoke to PV Magazine about progress on the MTerra solar project in the Philippines and why the development is integral to the country’s future energy security. Set to become one of the world’s largest integrated solar-plus-storage facilities, MTerra will deliver up to 3.5GW of installed solar capacity backed by 4.5GWh of battery energy storage across Nueva Ecija and Bulacan on Luzon, with Actis finalising a US$600 million investment in Terra Solar Philippines Inc. in March 2025 alongside MGEN Renewable Energy Inc. and SP New Energy Corp.
The article details how the project achieved initial grid synchronisation just 15 months after groundbreaking, with the first 450MWh of battery storage already energised — the largest operational battery energy storage systems (BESS) in the Philippines. Once fully operational, MTerra will supply electricity to approximately 2.4 million households under a 20-year PPA with Meralco. Mullangi explained that the rapid pace was made possible by structuring the development as ten parallel 350MW projects rather than a single 3.5GW build, with a peak workforce of more than 10,000.
Click here to read the full article on PV Magazine.
Ajay Mullangi, Principal, Energy Infrastructure at Actis, commented:
“We didn’t look at it like a 3.5GW project, we looked at it as 10 parallel projects, each of 350MW, and large interconnection infrastructure, each happening at the same time. The only nuance is that these ten projects are not in 10 different locations, they’re all in one place.”
Disclaimer
The statements contained herein regarding the Philippines market are as of May 2026 and represent the views of Actis which is not research and should not be treated as research. Historic market trends are not reliable indicators of actual future market behaviour or future performance of any particular investment which may differ materially and should not be relied upon as such. Moreover, there is no assurance historical trends will continue. The case studies are presented for informational purposes only and were selected to demonstrate the type of investments that Actis will seek to make. A prospective investor should not rely on the included transaction characteristics when making a decision on whether to invest. There can be no guarantee that transactions with similar characteristics will be available to Actis. Nothing herein constitutes a guarantee, projection or prediction.