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Manila Bulletin devider Business devider MGen eyes P53-billion Singapore energy expansion

MGen eyes P53-billion Singapore energy expansion

Published Nov 26, 2024 06:57 am

PacificLight Power Pte Ltd., a subsidiary of Meralco PowerGen Corp. (MGen), plans to invest approximately P53 billion (US$900 million) in a new 600-megawatt (MW) power plant in Singapore.

Yari Miralao, MGen Gas Energy Holdings, Inc. (MNatural Gas) president and chief executive officer, said that PacificLight may bid on the project, which is part of MGen's comprehensive energy strategy to enhance its competitiveness in the Singapore energy market.

"As part of MGen’s comprehensive energy strategy, we are dedicated to investing in state-of-the-art facilities to enhance our competitiveness in the Singapore energy market,” Miralao told reporters.

“[The power plant is] designed to be larger, more efficient, and will be one of the most reliable on the Singapore grid,” he added.

PacificLight is a power generator and energy retailer in Singapore, 58 percent owned by MGen and 42 percent owned by First Pacific Co., Ltd.

The Energy Market Authority of Singapore opened bidding for the project earlier this year, seeking developers to own and manage new-generation capacity to be completed between 2029 and 2030. Bidding results are expected in December 2024 or early 2025.

MGen also revealed its active participation in renewable energy (RE) projects to help Singapore achieve its goal of 30 percent RE by 2030.

“In line with this, MGen plans to support Singapore’s renewable energy transition through the importation of solar energy from Indonesia,” Miralao said. He emphasized the firm’s commitment to clean energy extends beyond the Philippine market.

“Our vision is to lead the energy transition toward a cleaner, more sustainable future, and we are confident in our ability to achieve these ambitious goals.”

PacificLight began operations of its 830 MW plant in Singapore in 2013, powering an estimated 1.2 million households.

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MGen Renewable Energy Inc. (MGreen)
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