Tencent Cloud has announced plans to invest over $650 million to expand its global infrastructure in the Middle East and Southeast Asia, while UK-based infrastructure private equity investor Actis has completed its acquisition of a 40% stake in Terra Solar Philippines Inc (MTerra Solar).
Tencent Cloud to invest $650m in Middle East, SE Asia expansion
Tencent Cloud has announced plans to invest over $650 million to expand its global infrastructure in the Middle East and Southeast Asia, as it seeks to strengthen its presence in key international markets.
The company will establish its first data center in Saudi Arabia with an investment exceeding $150 million, Dowson Tong, CEO of Tencent Cloud and Smart Industries Group, announced at the Tencent Cloud City Summit in Shanghai.
In Indonesia, Tencent Cloud will invest $500 million to build its third data center.
The Chinese tech giant has been expanding its global footprint, reporting steady international growth. It serves more than 10,000 clients across over 80 countries, including North America, Europe, and Southeast Asia.
The company has also partnered with more than 40 Fortune 500 firms in China to support digital transformation efforts.
Tencent Cloud, the cloud business unit of Chinese internet giant Tencent, has launched its first data centre in Indonesia in 2021 to target the business needs of its customers in the region.
Actis completes $600m acquisition of Terra Solar
UK-based infrastructure private equity investor Actis announced that it has completed its acquisition of a 40% stake in Terra Solar Philippines Inc (MTerra Solar), a subsidiary of Meralco PowerGen Corp. (MGen), in a deal valued at $600 million.
The deal, announced in September 2024, marks the largest foreign direct investment in a single greenfield infrastructure project in the Philippines.
MTerra Solar represents one of the largest mid-merit renewable generation capacities in the Philippines, with 850MW contracted capacity over 20 years.
Currently under development in Nueva Ecija and Bulacan, MTerra Solar is expected to have an installed capacity of 3,500 megawatts peak (MWp) of solar power and 4,500 megawatt-hours (MWh) of battery storage upon completion.
“MTerra Solar is a marker of what is possible in terms of scale and ambition with renewable energy in Southeast Asia,” said Rahul Agrawal, partner and head of energy for Southeast Asia, at Actis.
Actis, a global investor in sustainable infrastructure, will work with MGen to expand the project, supporting the Philippines’ goal of sourcing 35% of its energy from renewables by 2030.
