MGEN keen on venturing into wind energy space

MANILA, Philippines — Meralco PowerGen Corp. (MGEN), the developer of what could become the world’s largest integrated solar farm, is stepping up its push into renewables with plans to foray into the wind energy space.

MGEN Renewables president and CEO Dennis Jordan said the company is “certainly interested” in wind power generation to further bolster its existing solar and battery storage portfolio.

“We don’t have something complete yet, but I think it will be wrong for us to totally not look into onshore wind at least,” Jordan said on the sidelines of an energy forum hosted by the Economic Journalists Association of the Philippines.

He said MGEN Renewables will not be limited to its current technologies and is actively exploring new growth opportunities in the country’s booming renewable energy sector.

In particular, he said the company is also assessing whether to pursue investments in offshore wind, a more complex and capital-intensive venture than onshore wind and solar.

This is not the first time MGEN has signaled interest in wind ventures. Last year, the power generation arm of utility giant Manila Electric Co. also expressed plans to pursue wind projects alongside Korea Electric Power Corp.

Amid these plans, however, MGEN’s immediate priority remains the delivery of its 2027 commitment to fully energize the P200-billion MTerra Solar project spanning Nueva Ecija and Bulacan.

The project, featuring a 3,500-megawatt solar farm paired with a 4,500-MW-hour battery energy storage system, is poised to become the largest of its kind in the world.

MTerra Solar’s completion is seen as the final piece in the planned re-initial public offering (IPO) of MGEN Renewable Energy Holdings Inc. (MGENR), the proposed new corporate name of SP New Energy Corp. (SPNEC).

MGEN president and CEO Emmanuel Rubio earlier told The STAR that the company was gearing up for the planned merger between MGEN Renewables and SPNEC in the fourth quarter.

MGENR, the surviving entity in the merger, may push through with the re-IPO in early 2027, Rubio said.