Manila Electric Co.’s (Meralco) power generation arm Meralco PowerGen Corp. (MGen) is eyeing to invest at least P18 billion to accelerate its renewable energy (RE) portfolio.
The company said the investment will cover over 2,000 megawatts (MW) of gross RE capacity from solar and wind that will be pursued with potential partners up to 2030.
MGen said its renewable energy unit MGen Renewable Energy Inc. (MGreen) intends to ramp up its attributable RE capacity to 1,500 MW with investments in more and larger green energy projects including those with battery energy storage systems.
Jaime Azurin, MGen president and chief executive officer, said more projects utilizing RE are also under development and assessment in line with Meralco’s target to reduce its direct emissions by 20 percent through 2030 as it drives to be coal-free before 2050.
Azurin said these include two solar projects such as the 49 MW in Cordon, Isabela and the 18.75 MW in Bongabon, Nueva Ecija, both of which are among the winning bidders for incentives in the Department of Energy’s second round of Green Energy Auction Program.
