Meralco PowerGen Corp. has committed to invest at least P18 billion to build a renewable energy portfolio that is in line with the sustainability goal of its parent, Manila Electric Co.
MGen said the planned investment will cover over 2 gigaWatts of gross renewable energy capacity from solar and wind that it seeks to build in association with its partners through 2030.
MGen, through its renewable energy unit MGen Renewable Energy, Inc. (MGreen), intends to ramp up its attributable RE capacity to 1,500 megaWatts 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 55 MW-alternating current Bulacan 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 75MWac solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corp.
PHRI recently completed the commissioning tests for Phase 1 of the project involving 67.5 MWac scheduled for commercial operations by mid-August 2023. Phase 2 of the project is seen operational by mid-2024.
MGen president and chief executive officer 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 49-MWac 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 second round of Green Energy Auction Program.
“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. This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy,” Mr. Azurin said.
