AFRY appointed lenders’ technical advisor for the world’s largest hybrid solar project in the Philippines
AFRY has been engaged as the lenders’ technical advisor (LTA) for a landmark solar and battery energy storage project in the Philippines. With a total capacity of 3,500 MWp of solar power combined with 4,500 MWh of battery storage, it will be the largest installation of its kind globally.
AFRY has been engaged as the lenders’ technical advisor (LTA) for a landmark solar and battery energy storage project in the Philippines. With a total capacity of 3,500 MWp of solar power combined with 4,500 MWh of battery storage, it will be the largest installation of its kind globally.
Terra Solar Philippines Inc., backed by MGreen, the renewable energy subsidiary of the Philippines’ largest energy distribution utility, Meralco, together with a consortium of six banks, has appointed AFRY to provide technical advisory services for the development and construction of its flagship project, which spans six municipalities across Nueva Ecija and Bulacan provinces.
AFRY conducted the initial technical due diligence that enabled the bankability of the project, which recently secured one of the largest financing deals in the Philippine energy sector. As the project moves into the next phase, AFRY’s role continues with construction monitoring through to final completion, followed by operational phase support through operations & maintenance and annual budget review.
This transformative project will be developed in two phases, with completion targeted for 2026 and 2027. Once operational, it will be connected to the grid through a 13-kilometre 500kV transmission line.
The Terra Solar project is expected to supply clean, reliable energy to around 2.4 million households and reduce carbon emissions by approximately 4.3 million tons annually. The facility will also contribute to grid stability, energy security, and long-term resilience for the Philippines.
“The Terra Solar initiative represents a significant step forward in supporting the Philippines’ energy roadmap — enhancing energy security, building long-term resilience, and enabling a low carbon future. We are excited to contribute our expertise as LTA to a greener future and be part of a project that will deliver lasting environmental and economic benefits," said Petteri Harkki, AFRY’s Regional Director for Asia.
For more information, please contact:
Petteri Härkki, Regional Director Asia, Renewable Energy and Thermal Power
petteri.harkki@afry.com
Virginia Ferrari, Communications Manager, Energy Division
virginia.ferrari@afry.com
AFRY provides engineering, design, digital and advisory services to accelerate the transition towards a sustainable society. We are 18,000 devoted experts in industry, energy and infrastructure sectors, creating impact for generations to come. AFRY has Nordic roots with a global reach, net sales of 27 BSEK and is listed on Nasdaq Stockholm.
Making Future
Learn more about AFRY’s operations in the Philippines
AFRY stands as one of the largest engineering consulting companies in the Philippines, supporting the country’s transition towards clean energy by serving project owners, lenders and contractors with technical, market and environmental and social advisory services.
To date, AFRY has been involved in over 45 solar photovoltaic projects in the Philippines, with a planned capacity of 7GW. AFRY is also one of the most experienced Lenders’ Technical Advisors in the country, having successfully delivered more than 30 LTA assignments for renewable energy and conventional power plant projects.