Meralco PowerGen Corp., the power generation arm of Manila Electric Co., said it will pursue the development of a 110-megawatt floating solar power project in Laguna de Bay, pending the approval of the Laguna Lake Development Authority.
Meralco PowerGen president Rogelio Singson said the Laguna Lake project was under the permitting process and the company had no specific timeline yet because of the quarantine restrictions.
The company acquired 70 percent of Nortesol III Inc., a company engaged in the development, construction and operation of power plant and related facilities using renewable energy system and hybrid energy system in December.
Singson said Meralco PowerGen was currently focusing on the commercial operations of a solar project in San Miguel, Bulacan by December this year.
Powersource First Bulacan Solar Inc., which is 40-percent owned by Meralco PowerGen, resumed the construction activities at the site in San Miguel in May.
It is building a 50-MW solar farm, subject to guidelines on construction activities issued by government agencies.
Meralco PowerGen focuses on high-efficiency, low-emissions baseload power and renewable energy projects to support the country’s growing demand for stable, reliable and cost-competitive electricity.
Its subsidiary MGen Renewable Energy Inc. earlier announced plans to invest in 1,000 MW of renewable energy projects over the next five to seven years.
“We believe that now is the time to focus on building our green energy capacity, and we intend to be a key player in the renewable energy space,” said Singson.
“We also hope to contribute to the country’s transition towards sustainable energy,” he said.
MGreen eyes wind and hydropower projects that will provide reliable, environment-friendly power at competitive prices without the need for subsidy.