MANILA — Meralco said its power generation arm Meralco PowerGen Corp (MGen) will invest at least P18 billion to accelerate the growth of its renewable energy line as part of its long-term sustainability strategy.

In a statement, MGen said the investment will cover over 2 GW of gross RE capacity from solar and wind that the company and its partners aim to build through 2030.

MGen, through its renewable energy unit MGen Renewable Energy Inc (MGreen), said it is eying 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.

MGreen currently has an RE portfolio that includes the 55MWac BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corp, the 68 MWac solar farm in Currimao, Ilocos Norte with Vena Energy's Pasuquin Energy Holdings Inc and the PH Renewables Inc's (PHRI) 75 MWac solar farm in Baras, Rizal with Mitsui & Co.'s Mit-Renewables Power Corp.

It said PHRI recently completed the commissioning tests for Phase 1 of tis project involving 67.5 MWac which is scheduled for commercial operations by mid-August 2023. Phase 2 of the project is targeted to be operational by mid-2024, it added.

Other projects utilizing RE are under development and assessment in line,
MGen President and CEO Jaime T. Azurin said.

“We will continue to work with the energy industry, government, and other pertinent stakeholders to help further accelerate the country’s energy transition as we aggressively pursue more renewable energy projects," Azurin said.

"This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy,” Mr. Azurin said," he added.

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