Meralco PowerGen Corp., the power generation arm of Manila Electric Co., announced over the weekend an investment of about P18 billion to accelerate its renewable energy buildout in line with the group’s long-term sustainability strategy.
The investment will cover more than 2,000 megawatts of gross RE capacity from solar and wind that the company, along with its partners, aims to build through 2030.
MGen, through renewable energy unit MGen Renewable Energy Inc., targets to bring its attributable RE capacity to 1,500 MW with investments in more and larger green energy projects, including battery energy storage systems.
MGreen’s RE portfolio includes the 55-MW BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corp.; the 68-MW solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc.; and PH Renewables Inc.’s 75-MW solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corp.
PHRI recently completed commissioning tests for phase one of its project involving 67.5 MW scheduled for commercial operations this month. Phase 2 of the project is targeted to be operational by mid-2024.
“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,” MGen president and chief executive Jaime Azurin said.
He said more RE projects are under development and assessment in line with One Meralco’s target to reduce direct emissions by 20 percent through 2030 as it drives to be coal-free before 2050.
These are the 49-MW solar plant in Cordon, Isabela and the 18.75-MW solar plant in Bongabon, Nueva Ecija, which are among the winning bidders in the Department of Energy’s second round of Green Energy Auction Program.