SP New Energy Corp. (SPNEC) said Friday its subsidiary Terra Solar Philippines Inc. (MTerra Solar) signed a P150-billion loan agreement with six local banks.
The loan, which will last for 15 years, aims to fund the development of a large solar energy facility and battery energy storage system (BESS) in Central Luzon.
The banks involved in this deal are BDO Unibank Inc., Bank of the Philippine Islands, Philippine National Bank, Security Bank, China Banking Corp. and Metropolitan Banking and Trust Corp.
BDO Capital & Investment Corp. was the lead arranger of the transaction.
The investment is part of efforts to expand the country’s clean energy sources.
MTerra Solar is developing one of the largest solar farms in the Philippines located in Nueva Ecija and Bulacan.
The P200-billion project is set to begin commercial operations in phases, with phase 1 scheduled for February 2026 and phase 2 in February 2027.
The facility is expected to provide cleaner energy to thousands of homes and businesses, contributing to the country’s goal of reducing carbon emissions.
MTerra Solar signed a battery energy storage systems (BESS) supply agreement with Huawei International Pte. Ltd. (Huawei) in December 2024.
It also engaged Power Construction Corp. of China Ltd. as the contractor for the project.
Power China will handle the development of the project’s east section, which spans about 1,505 hectares.
The area includes Barangay Makabaklay in Gapan, Barangay Pias in General Tinio and Barangay Callos in Peñaranda in Nueva Ecija. The section accounts for 1,050-MWp of the total capacity of the MTerra Solar Project.