MGen ramps up RE portfolio

MANILA, Philippines — Meralco PowerGen Corp. (MGen), the power generating arm of Manila Electric Co., is ramping up its renewable energy portfolio with two solar projects to start commercial operations this month.

“In the year ahead, our pursuit of delivering service improvements and achieving sustainability milestones will continue, which include the scheduled commercial operations of new renewable energy projects,” Meralco chairman Manuel V. Pangilinan said.

MGen president and CEO Jaime Azurin said the company is gearing up to build more renewable energy projects as part of its low carbon energy transition.

“More renewable energy projects can be expected in the coming years using different technologies, such as wind, hydro, and additional solar and battery storage as we endeavor to provide a cleaner and sustainable energy supply to the market,” he said.

Azurin said two solar plants with a combined capacity of 143-megawatt alternating current (MWac) will be operational this month.

“As we begin our low carbon energy transition and increase our renewable energy portfolio following Bulacan Solar, we signed a joint venture with Vena Energy in early 2022 for the development of a 68-MW solar project in Currimao, Ilocos Norte. Also in addition, during the second half of the year, we secured P2.65 billion project financing from RCBC to fund the construction of another solar plant in Baras, Rizal, which is in partnership with Mitsui,” Azurin said.

“Both are expected to commence commercial operations in March of 2023,” he said.

The two solar projects are being undertaken by MGen unit MGen Renewable Energy Inc. (MGreen).

MGreen also owns a 51-percent equity stake in PowerSource First Bulacan Solar Inc., which commenced operations of a 50-MWac solar plant in San Miguel, Bulacan in May 2021.

Last year, the Bulacan solar power plant had an average plant availability of 97.8 percent and delivered 112 gigawatt hours to Meralco under a 20-year Energy Regulatory Commission-approved power supply agreement.

MGen currently has a total power generation capacity of 2,251 MW in the Philippines and in Singapore that utilize coal, liquified natural gas, diesel and solar technologies.

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.

The company has set its sights on building 1,500 MW of renewable energy projects by 2030.

With the additional 143 MW of new capacity to be provided by its upcoming two solar power plants this month, the company’s renewable energy capacity would hit nearly 200 MW.