Meralco Power Gen Corp. (MGen) will be integrated with recently- acquired subsidiary Global Business Power Corp. (GBP) with a focus on developing renewable energy (RE) projects.
Jaime Azurin, MGen president and chief executive officer, said the company aims to build 1,500 megawatts (MW) of renewable energy projects in the next seven years.
“We have started unifying our headquarters and business center which will be ready by early next year. While formal integration is underway, it may take two to three years to fully complete regulatory requirements. The goal is to consolidate the power generation business of Meralco into one organization to promote scale and efficiency,” Azurin said, in a briefing earlier this week.
Azurin said at present, MGen with GBP has a gross capacity of 2,446 MW, 1,091 MW of which is from GBP while 1,532 MW is attributable to MGen. Its portfolio is composed of 59 percent coal, 33 percent natural gas, 6 percent diesel fired and 2 percent solar.
“Anchored on Meralco group’s sustainability agenda, we have set our sights in building 1,500 MW of renewable energy projects in the next seven years, starting with 55-MW Bulacansol which commenced operations in May of this year,” Azurin added.
Azurin said more solar projects are in the pipeline: the 78MW in Baras, Rizal; the 54 MW in Cordon, Isabela, the 19 MW in Nueva Ecija and another 50 MW in Ilocos Norte.
Azurin said for 2022 and beyond, the company will focus on its first large-scale wind farm and solar battery storage for mid-merit electricity needs and bridge the gap between baseload and peaking power plants.
