Manila Electric to sell $600 million stake in solar subsidiary to Actis

MANILA : Philippine power generator and distributor Manila Electric Co is selling a 40 per cent stake in a solar power subsidiary to global investment firm Actis for $600 million, the company said on Friday.

Proceeds will be used for the joint development and expansion of the Terra Solar energy storage project, Manila Electric said in a statement.

Terra Solar is one of the world's largest integrated renewables and energy storage projects, with an estimated cost of $3.5 billion. It will have 3,500 megawatts of photovoltaic capacity and battery energy storage of 4,500 megawatt hours.

Actis is a global player in sustainable infrastructure and has pledged to invest $9 billion in its energy portfolio covering more than 200 projects in 35 countries.