Meralco Power Gen Corp. (MGen), the power generation arm of Manila Electric Co. (Meralco), is all set to invest around P18 billion to boost its renewable energy (RE) buildout.
MGen said in a press note that it would use the investment to build more than 2 gigawatts (GW) of gross RE capacity from solar and wind by 2030.
As per the firm’s statement, “This investment will facilitate the development of over 2 GW of gross RE capacity from solar and wind sources. This initiative is a collaborative effort between the company and its partners, with the goal of achieving these installations by 2030.”
The note further said that initially, MGen Renewable Energy Inc. (MGreen), the RE development platform of Meralco PowerGen Corporation (MGen), had planned to develop 1,500 MW of RE projects over five years. However, due to the changed Renewable Portfolio Standards (RPS) mandated by the government, MGreen has decided to escalate its RE development by an additional 500 MW. “The RPS requires power utilities to acquire a specified percentage of their supply from RE facilities, thereby creating a more favorable market for investors entering the RE sector,” the note said.
MGen President and Chief Executive Officer Jaime Azurin said that they were still developing and evaluating more RE-powered projects, including the 49-MW solar plant in Cordon, Isabela, and the 18.75-MW solar plant in Bongabon, Nueva Ecija.
Both developments were among the successful bidders in the second round of the Green Energy Auction Program run by the Department of Energy of Philippines.
These projects are expected to beef up MGreen’s RE portfolio, which includes the 68-MW solar farm in Currimao, Ilocos Norte, and the 55-MW BulacanSol solar plant in San Miguel, Bulacan.
“We will continue to work with the energy industry, government, and other pertinent stakeholders to help further accelerate the country’s energy transition as we aggressively pursue more renewable energy projects,” Azurin said.
Among Meralco’s ongoing projects are a 49 MWac solar plant in Cordon, Isabela, as well as an 18.75 MWac solar plant in Bongabon, Nueva Ecija. These projects have secured 20-year power supply agreements (PSAs) through the green energy auction by the Department of Energy.
