Meralco unit acquires 70% of solar firm

Published April 10, 2020, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

Meralco PowerGen Corporation, a subsidiary of Manila Electric Company (Meralco), has acquired majority stake of 70-percent in NorteSol III Inc., a Filipino-led firm that is developing a floating solar facility at Laguna Lake.

(Photo courtesy of
(Photo courtesy of

In its filing with regulatory agencies, parent firm Meralco indicated that the acquisition was already sealed recently. Nortesol is a subsidiary of local firm SunAsia Energy which is chaired by businessman Noel Cariño.

Seller-firm NorteSol initiated the installation of a floating solar facility at the Laguna Lake in a tie-up with French firm Ciel & Terre, which is a company with specialization in floating photolvoltaic (PV) applications.

“MGen acquired 70% of NorteSol III, a company incorporated in the Philippines and engaged in the development, construction and operation of power plant and related facilities using renewable energy system and hybrid energy system,” a Meralco document has stipulated.

Nortesol had been developing a 110-megawatt dc/90MWac floating facility in Laguna de Bay; and was just waiting for the leasing policy that shall be enforced by the Laguna Lake Development Authority (LLDA) before it advances to the installation in the venture.