MGen investing P18 billion for renewable rollout

MANILA, Philippines — Meralco PowerGen Corp. (MGen), the power generation arm of Manila Electric Co. (Meralco), is investing at least P18 billion to accelerate the expansion of its renewable energy portfolio.

MGen said the investment, which forms part of One Meralco’s long-term sustainability strategy, would cover over two gigawatts (GW) of gross renewable energy capacity from solar and wind which the company plans to build through 2030 along with its various partners.

Through renewable energy unit MGen Renewable Energy Inc. (MGreen), MGen intends to ramp up its attributable renewable energy capacity to 1,500 megawatts with investments in more and larger green energy projects.

These will also include projects with battery energy storage systems.

“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,” MGen president and CEO Jaime Azurin said.

“This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy,” he said.

MGreen’s renewable energy portfolio consists of the 55-megawatt alternating current (MWac) BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corp., the 68-MWac solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc., and PH Renewables, Inc. (PHRI)’s 75-MWac solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corp.

PHRI, in particular, has recently completed the commissioning tests for the first phase of its project involving 67.5-MWac that is scheduled for commercial operations this month.

The second phase of the project is targeted to be operational by mid-2024.

Azurin said more projects utilizing renewable energy are also under development and assessment in line with One Meralco’s target to reduce its direct emissions by 20 percent through 2030 as it drives to be coal-free before 2050.

These include the two solar projects: the 49-MWac solar plant in Cordon, Isabela and the 18.75-MWac solar plant in Bongabon, Nueva Ecija.