Philippine power generator and distributor Manila Electric Co. (Meralco) is set to sell a 40% stake in its solar power subsidiary to the global investment firm Actis for $600 million. The deal will help fund the joint development and expansion of the Terra Solar energy storage project, which is one of the world's largest integrated renewables and energy storage projects, with a total value estimated at $3.5 billion.

The Manila Electric Company is a company in the Philippines that distributes electric power. It is the sole electricity provider in Metro Manila, with the power distribution rights for 39 cities and 72 municipalities, covering not just Metro Manila but also the surrounding areas of Mega Manila.

Terra Solar is expected to have a capacity of 3,500 megawatts of photovoltaic energy and 4,500 megawatt hours of battery energy storage.

Actis, a global leader in sustainable infrastructure, has committed to investing $9 billion in its energy portfolio, which spans over 200 projects across 35 countries. Meralco, which serves as the primary electricity distributor for Metro Manila and adjacent provinces such as Bulacan, Cavite, Laguna, Batangas, Rizal, and Quezon, will continue to manage energy distribution in those regions.

While Meralco serves the majority of these areas, some rural municipalities are still covered by electric cooperatives.