Meralco’s Power Gen to invest P18B in renewable energy
Meralco PowerGen Corporation (MGen), the power generation arm of Manila Electric Co. (Meralco), has committed to invest at least P18 billion to accelerate its renewable energy (RE) buildout in line with One Meralco’s long-term sustainability strategy.
The investment will cover over 2 GW of gross RE capacity from solar and wind that the company, along with its partners, aims to build through 2030.
MGen, through its renewable energy unit MGen Renewable Energy, Inc. (MGreen), intends to ramp up its attributable RE capacity to 1,500 MW with investments in more and larger green energy projects, including those with battery energy storage systems.
MGreen currently has an RE portfolio that includes the 55MWac BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corporation; the 68MWac solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc., and the PH Renewables, Inc.’s (PHRI) 75MWac solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corporation.
PHRI recently completed the commissioning tests for Phase 1 of its project involving 67.5 MWac that is scheduled for commercial operations by mid-August 2023. The Phase 2 of the project is targeted to be operational by mid-2024.
MGen president and CEO Jaime Azurin said more projects utilizing RE are also under development and assessment in line with One Meralco’s target to reduce its direct emissions by 20% through 2030 as it drives to be coal-free before 2050.
These include the two solar projects – the 49MWac solar plant in Cordon, Isabela; and the 18.75 MWac solar plant in Bongabon, Nueva Ecija, both of which are among the winning bidders in the Department of Energy’s (DOE) second round of Green Energy Auction Program (GEAP).
