Milbank LLP advised Actis, through a strategic partnership with Manila Electric Company (Meralco) and its subsidiary, Solar Philippines New Energy Corporation, in connection with its $600 million investment in the Philippines-based Terra Solar Project, which is the world’s largest integrated renewables and energy storage project to date. The transaction represents a 40 percent stake in Terra Solar and is the largest foreign direct investment for a greenfield infrastructure project in the Philippines.
The proceeds will be used to jointly develop the $3.5 billion project, which will combine 3.5 gigawatts peak (GWp) and 4.5 gigawatt-hours (GWh) of battery energy storage system (BESS). The Terra Solar Project is located on the Philippines’ main island of Luzon and will provide electricity to an estimated 2.4 million Philippine households.
“We are delighted to have advised Actis on this landmark investment in Terra Solar, their first investment into the Philippines. Their new partnership with Meralco and Solar Philippines will bring significant new renewable energy and more than 10,000 new jobs to the Philippines and greatly enhance the country's drive to a carbon free future," said Milbank Global Capital Markets partner and Hong Kong office head James Grandolfo.
The Milbank team in Hong Kong includes partners James Grandolfo and Neeraj Budhwani, and associates Ari Singzon, Charmaine Yeo and Darren Lam. The team also includes partner Bijan Ganji, special counsel Lafayette M. Greenfield and associate Bridget Golob in Washington, DC, and partner Alexander Rinne in Munich.
