Meralco PowerGen Corp. (MGEN) said its proposed Terra Solar 2 project remains in the early stages of evaluation, tempering earlier reports of a potential expansion of its large-scale renewable energy portfolio.
In a disclosure to the Philippine Stock Exchange, MGEN confirmed statements attributed to president and chief executive officer Emmanuel V. Rubio but clarified that no final decisions have been made on the project.
MGEN said it is exploring potential sites, including locations in Quezon province, but has yet to determine Terra Solar 2’s capacity, location, configuration, development timetable or investment requirement.
The company also clarified that it has not started formal discussions or negotiations with Actis, the global investment firm, regarding the proposed project.
MGEN said it remains open to discussions with investors, including Actis, if these could add value to the project should it advance to a more developed stage.
“At this juncture,” MGEN said, the potential impact of the project on its business, financial condition, operations or capital requirements, as well as those of parent Manila Electric Co. (Meralco), cannot reasonably be determined.
The clarification of the news item that appeared on the Manila Bulletin comes as MGEN continues to build its renewable energy portfolio, with the proposed Terra Solar 2 project potentially expanding on the company’s existing solar investments.
MGEN said Meralco and the power generation unit will make the appropriate disclosures if any material development occurs, in line with Philippine Stock Exchange rules and regulations.
