MANILA, Philippines — Meralco PowerGen Corp. (MGen), the power generation arm of power distributor Manila Electric Co., expects to achieve its 1,500-megawatt (MW) renewable energy target ahead of 2030 schedule.
“Initially, our target is 1,500-MW of renewable energy delivered by 2030. We have a lot in our pipeline that will hopefully meet at least 1,500 MW,” MGen chief operating officer Dominador Camu Jr. said.
“But it could be achieved earlier, depending on when the other projects would start. We have projects in the pipeline, but it doesn’t happen in one year. It happens in phases,” he said.
Camu said MGen has “very exciting plans for generation” this year with a lot of projects lined up.
“There are a lot of things we are working on that will hopefully contribute to the sustainability program of the government,” he said.
An MGen executive earlier said the company looks at potentially raising its renewable energy capacity target by the end of the decade.
Camu was recently appointed as COO of SP New Energy Corp. (SPNEC), a company that is now majority owned by MGen, through renewable energy arm MGen Renewable Energy Inc. (MGreen).
MGreen completed last December its P15.9 billion investment in SPNEC.
The investment in SPNEC provides a major boost to MGen’s plan to boost its renewable energy portfolio.
SPNEC is putting up the P200-billion Terra solar development in Nueva Ecija and Bulacan, which will be the world’s largest solar project.
It will consists of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery storage, would be completed in two phases.
The first phase with a target capacity of 2,500 MW is eyed for completion by 2026, while the second phase with a capacity of 1,000 MW will be finished by 2027.