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Manila Bulletin devider Business devider Trade & Industry devider Meralco ramps up RE with P18-B investments

Meralco ramps up RE with P18-B investments

Published Aug 20, 2023 04:17 pm

At A Glance

  • It is clear to all power investors in the country that the "development race" is on renewables, as the Marcos administration also firmly laid down its preference for an energy future pathway leading to decarbonization. 

The power generation subsidiary of Manila Electric Company (Meralco) will ramp up its renewable energy (RE) capacity installations to 2,000 megawatts (2.0 gigawatts) backed by P18 billion in committed investments.

“The investment will cover over 2GW of gross RE capacity from solar and wind that the company, along with its partners, aims to build through 2030,” the company has emphasized in its statement to the media.

MGen Renewable Energy Inc. (MGreen), the RE development platform of Meralco PowerGen Corporation (MGen), initially planned for 1,500MW RE developments spread out over a five-year period. The accelerated RE development of the company will reinforce that with an additional 500MW in the pipeline.

This developed as the government hiked the increment for the mandated Renewable Portfolio Standards (RPS). Rival-firms have been scaling up on broader clean energy portfolios with MGreen also manifesting that it will not be left out in the "competitive green" development track.

The RPS, in particular, mandates power utilities to procure prescribed percentage of their supply from RE facilities, hence, that will guarantee added viable market for investors putting up RE projects.

“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,” MGen President and CEO Jaime T. Azurin said.

Next in the line-up of targeted clean energy installations are the 49MWac solar plant in Cordon, Isabela and the 18.75 MWac solar plant in Bongabon, Nueva Ecija. Both are covered by 20-year power supply agreements (PSAs) won by the company from the green energy auction (GEA) administered by the Department of Energy.

Azurin indicated that “more projects utilizing RE are also under development and assessment in line with One Meralco’s target to reduce its direct emissions by 20-percent through 2030 as it drives to be coal-free before 2050.”

The company chief executive further noted that the investments on its RE capacity shoring up are “in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy.”

In the company’s roll of completed and commercially-operating RE assets are: the 55MWac BulacanSol solar farm in San Miguel, Bulacan;  the 68MWac solar plant in Currimao, Ilocos Norte; and its PH Renewables Inc.’s (PHRI) 75MWac solar facility in Baras, Rizal.

For the Rizal solar farm, it was specified that the first phase of 67.5MWac is due on stream by the middle of this month while the second phase is targeted on-line by the middle of next year.

It is clear to all power investors in the country that the "development race" is on renewables, as the Marcos administration also firmly laid down its preference for an energy future pathway leading to decarbonization.

 

Related Tags

renewable energy Meralco PowerGen Manila Electric Co. wind farm
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