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Manila Bulletin devider Business devider Trade & Industry devider Onshore wind next? MGreen eyes next RE expansion while Terra Solar stays on track

Onshore wind next? MGreen eyes next RE expansion while Terra Solar stays on track

Published May 27, 2026 11:28 am

MGEN Renewable Energy Inc. (MGreen), the renewable energy (RE) arm of Manuel V. Pangilinan-led Meralco PowerGen Corp. (MGEN), is expanding its investment horizon toward land-based wind projects while sustaining construction momentum on its multi-billion-peso Terra Solar venture in Central Luzon region.

On the sidelines of the Economic Journalists Association of the Philippines (EJAP) Energy Forum 2026 last Tuesday, May 26, MGreen President and Chief Executive Officer (CEO) Dennis Jordan disclosed that the company is eyeing onshore wind energy projects, particularly through its existing collaboration with Singapore-based Vena Energy.

“We do have an existing joint venture (JV) with them, with the one in Luzon, in Currimao [town in Ilocos Norte province]. It’s a small plant, 55 megawatts (MW),” he told reporters.

In March 2023, MGreen, through its JV with Vena, Nuevo Solar Energy Corp. (NSEC), inaugurated Currimao solar project after 12 months of construction.

While NSEC has yet to announce an expansion of the partnership, Vena Group recently invested around ₱3.76 billion in another solar project in Currimao, which is expected to generate about 142 gigawatt-hours (GWh) of clean energy annually.

Apart from this, parent firm MGEN has also entered into an RE partnership with Saudi Arabian company ACWA Power.

“With ACWA Power, it’s exploratory at the moment. We’ve had some discussions. We signed an MOU [memorandum of understanding] last year to have joint potential projects. So, we’re still in the process of reviewing what those projects will be,” Jordan said.

Meanwhile, MGreen remains cautious on offshore wind development as the country has yet to commercialize its first offshore wind project.

Currently, the Department of Energy (DOE) is conducting the fifth Green Energy Auction (GEA-5), offering 3.3 gigawatts (GW) of fixed-bottom offshore wind capacity targeted for commercial operations between 2028 and 2030.

The Green Energy Auction Reserve (GEAR) Price for the auction has been set at ₱11 per kilowatt-hour (kWh).

On the solar front, Jordan said the first phase of Terra Solar project remains on track for rollout in August, with an additional 500 MW already tested and awaiting grid integration support from National Grid Corp. of the Philippines (NGCP) to achieve the project’s 750-MW milestone.

Jordan added that while the initial rollout of the project’s second phase remains on track for December, succeeding tranches may face challenges related to manpower availability, pending regulatory approvals, and weather-related construction delays as the rainy season approaches.

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