Reinsuring the World's Largest Integrated Solar and Battery Storage Facility in the Philippines

As of 2024, we have partnered with Terra Solar Philippines, Inc. (TSPI)¹ to co-lead the reinsurance of the world's largest integrated solar photovoltaic and battery energy storage system (BESS) facility. Expected to power 2.4 million Philippine households, the project aims to avoid 4.3 million metric tons of carbon emissions annually once completed.

Spanning 3,500 hectares across five towns, the facility will deliver 3,500 megawatts peak in photovoltaic capacity, supported by 4,500 megawatt-hours of BESS capacity. A 13 km 500 kV transmission line will ensure the efficient and reliable transfer of electricity to the grid.

With the expertise of our Centre of Competence for Renewable Energy, our team was fully equipped to assist our client from the outset, drawing on our extensive technical and market knowledge. Coupled with the broking expertise from Miller Singapore, this ultimately led our client to award Swiss Re Asia the Construction All Risk cover. Our client felt assured their project would be comprehensively protected, especially given the natural catastrophe-prone conditions in the Philippines.

The initiative supports the Philippine government's goal of achieving a 35% renewable energy mix by 2030 and 50% by 2040. As of late 2023, the country's renewable energy capacity stood at almost 30% of the total energy mix. The MTerra Solar project is set to make an important contribution to reaching the country's clean energy targets.