AFRY, an engineering company, has been appointed as the lenders’ technical advisor for a solar and battery energy storage project in the Philippines.
The project, which offers a total capacity of 3,500MWp of solar power combined with 4,500MWh of battery storage, is reportedly set to become the largest installation of its kind in the world.
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Terra Solar Philippines, supported by MGreen, the renewable energy arm of Meralco – the Philippines’ energy distribution utility – and a consortium of six banks, has selected AFRY for technical advisory services.
The project will span six municipalities across Nueva Ecija and Bulacan provinces.
AFRY’s initial technical due diligence played a role in securing the project’s bankability, which is stated to have led to one of the largest financing deals in the Filipino energy sector.
As the project progresses, AFRY will continue to provide oversight, including construction monitoring, operational phase support, and annual budget reviews.
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By GlobalDataThe Terra Solar project will be developed in two phases, aiming for completion in 2026 and 2027.
Upon completion, it will connect to the grid via a 13km 500kV transmission line, supplying clean and reliable energy to approximately 2.4 million households. It is expected to reduce carbon emissions by around 4.3 million tons annually.
In addition, the project is expected to contribute significantly to the Philippines’ grid stability, energy security, and long-term resilience.
AFRY Asia regional director Petteri Harkki said: “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.”
Earlier this month, AFRY Finland, working with Sweco Finland, received a commission from the Finnish Transport Infrastructure Agency to plan additional railway tracks between Hyvinkää and Riihimäk.
