MANILA, Philippines — Meralco Powergen Corp. (MGen), the power generating arm of Manila Electric Co., may gain significant headway early next year in its plan to attain 1,500 megawatts (MW) of renewable energy capacity in the next seven years.
MGen president and CEO Jaime Azurin said the company’s renewable energy capacity should hit 200 MW by the first quarter of 2023.
“We have ongoing construction of two solar plants as we aim to increase our renewable energy portfolio with an additional 143 MW by the first quarter of 2023,” Azurin said.
“For the road to 1,500 MW, with the ongoing construction, we will be at around 200 MW by first quarter,” he said.
MGen has set its sights on building 1,500 MW of renewable energy projects in the next seven years.
“We expect more renewable energy projects in the coming years as we march toward our target of 1,500 MW by 2030,” Azurin said.
MGen unit MGen Renewable Energy Inc. (MGreen) is constructing a 75-MWac solar plant in Baras, Rizal through PH Renewables Inc., a joint venture with Mitsui’s local unit MitRenewables Philippine Corp.
Last August, the company secured a P2.65 billion, 15-year term project financing facility from Rizal Commercial Banking Corp. to fund the ongoing construction of the solar plant.
Also under construction is a 68-MWac solar plant in Ilocos Norte of MGreen in partnership with Vena Energy.
Azurin said both projects are expected to commence operations in the first quarter of 2023.
MGreen also has a 45-MWac solar project under development in Cordon, Isabela.
MGreen also owns a 51 percent equity stake in PowerSource First Bulacan Solar Inc., which commenced operations of a 55-MWac solar plant in San Miguel, Bulacan in May 2021.
Capable of supplying base, intermediate, peak load and ancillary support, the MGen group offers flexible energy solutions to support the varying power requirements of the market.
MGen and Global Business Power Corp.’s power generation portfolio has a total gross capacity of 2,446 MW that utilize coal, liquified natural gas, diesel and solar technologies.