Meralco to spend P18B on clean power investments

MANILA, Philippines — Manila Electric Co. (Meralco), the largest power distributor in the country, would spend at least P18 billion to hasten the build-up of its clean power portfolio.

The investment of Meralco PowerGen Corp. (MGen), the generation arm of the Panglinan-led utility firm, would cover 2 GW of gross renewable energy capacity from solar and wind, according to a statement on Sunday.

MGen and its partners target to finish the projects until 2030, Meralco said. 

MGen, through its renewable energy unit MGen Renewable Energy, Inc. (MGreen), intends to ramp up its attributable RE capacity to 1,500 MW, with more investments in larger green energy projects, including those with battery energy storage systems.

“This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy,” Jaime Azurin, MGen president and CEO, said.

Meralco targets to reduce its direct emissions by 20% through 2030, as it drives to be coal-free before 2050.