Meralco PowerGen Corp. (MGEN), the power generation arm of Manila Electric Co (Meralco), is preparing to acquire land for the planned second phase of its MTerra Solar project, which is estimated to have a capacity of 1,500 megawatts (MW).
MGEN is also studying a possible stock exchange listing for its renewable energy subsidiary, MGEN Renewable Energy Inc (MGreen). The company is considering a backdoor listing via Solar Philippines Nueva Ecija Corp. (SPNEC) by next year.
The ongoing MTerra Solar project currently has 3,500 MW peak of solar photovoltaic capacity, complemented by 4,500 megawatt-hours of battery energy storage. As of end-June 2025, Phase 1 of the project was 54-percent complete.
The MTerra Solar project spans 3,500 hectares across the towns of Gapan, Peñaranda, General Tinio and San Leonardo in Nueva Ecija and San Miguel in Bulacan.
“MVP [Manuel V. Pangilinan, MGEN chairman] has already talked about possible Terra Solar 2, and we are looking for land for Terra Solar 2,” MGEN president Emmanuel Rubio said.
“I think to make it really viable, it should be around at least 1,500 MW. So that will probably look at around 2,200 hectares of land,” Rubio said.
He said MGEN Renewables recently purchased more than 400 hectares of land in Nueva Ecija.
“I don’t think Terra Solar 2 has to be in one location. It has to provide mid-merit, but it can be in multiple locations, as long as it’s providing that profile of mid-merit that will meet the requirement of any DU [distribution utility] or EC [electric cooperative],” he said.
Rubio said they should consolidate MGreen’s renewable energy assets before undertaking the backdoor listing.
“When we deliver the first phase of Terra Solar, then investors, the public, will know that we’re capable of delivering our promise. And when we actually merge all the assets under MGEN Renewables, it will create a lot more value. It will be more credible in terms of capacity and in terms of capability compared to where we are today,” he said.
“We want to make it big. Maybe middle next year or third quarter of 2026 if ever,” Rubio said.
He said they would include more assets into MGreen and study where to use the fund. “For now Terra Solar is funded; land is already funded,” he said.
MTerra Solar has installed more than 778 MW of solar panels at its site, making it the largest photovoltaic installation in the Philippines.
Once completed by next year, MTerra Solar is expected to become the world’s largest solar and battery energy storage facility.
This will provide clean power to about 2.4 million Filipino households and help avoid up to 4.3 million ton of carbon emissions each year, equivalent to taking more than 3 million gasoline-powered vehicles off the road.
It supports the Philippines’ national goal of increasing renewable energy’s share in the power generation mix to 35 percent by 2030 and 50 percent by 2040.
