Manila Electric Co. (Meralco) subsidiary Meralco PowerGen Corp. (MGen) said it has entered into two power supply agreements (PSAs) with EvoEnergi Inc. of the Lao Group to supply a combination of both conventional and renewable energy (RE) to 62,000 households.
EvoEnergi is one of the first retail electricity suppliers (RES) in the Philippines. MGen signed the PSAs through its thermal and RE arms, MThermal and MGreen.
While both MGen and EvoEnergi did not disclose the agreed actual rates but described it only as “a competitive offer,” MGen President and Chief Executive Officer (CEO) Emmanuel Rubio said the partnership, by combining conventional and renewable sources, will help “meet the evolving needs of the retail electricity market while supporting the country’s transition to a cleaner and more secure energy future.”
MGEn said the two PSAs expand the reach of its renewable arm in providing RE solutions beyond government programs such as the Green Energy Option and Auction Programs.
The PSAs also enhance EvoEnergi’s supply portfolio while also helping the company meet its Renewable Portfolio Standards obligations which mandates utilities to source an agreed portion of their energy supply from eligible RE suppliers to contribute to the growth of the industry.
Meanwhile, being part of the Lao Group, EvoEnergi is affiliated with D&L Industries, developer and manufacturer of food ingredients, colorants, additives, engineered polymers, aerosol products, oleochemicals, resins and powder coating.
D&L president and CEO Alvin Lao said with their expanding customer base, “this partnership provides access to a more diversified and sustainable energy supply (and) solidifies our shared commitment to sustainability and forging a better future for the Philippines.”
MGen currently has a total capacity of 4,953 megawatts across the country and operates a diverse portfolio of power generation assets utilizing both RE and thermal technologies. The company also has stakes in Singapore-based Pacific Light Power Pte. Ltd.
