MERALCO will Invest 18 Billion Philippine Dollars to Further Develop Renewable Energy

On August 21, local time, the Philippine Manila Electric Company (Meralco) said that its power generation unit has committed to invest at least 18 billion pesos to further develop renewable energy as part of its long-term sustainable development strategy.

“Meralco PowerGen Corporation’s (MGen) multi-billion investment will cover more than 2GW of total solar and wind renewable energy capacity that the company and its partners plan to build by 2030,” Manila Electric said in a statement.

Manila Electric said: “MGen, through its renewable energy division, MGen Renewable Energy, Inc. (MGreen), aims to increase its renewable energy equity capacity to 1,500 megawatts by investing in more and larger green energy projects, Including those projects with battery storage systems.”

“More projects using renewable energy are also underway with the goal of reducing direct emissions by 20% by 2030 and going coal-free by 2050,” said MGen President and CEO Jaime Azurin.

These include two solar projects, a 49 MW AC solar power plant in the town of Cordon, Isabela province; and an 18.75 MW AC solar power plant in the town of Bongabon, Nueva Ecija province.

"We will continue to work with the energy industry, government and other relevant stakeholders to help further accelerate the country's energy transition as we actively pursue more renewable energy projects," said Azurin. This is in line with Manila Electric's long-term sustainable development strategy to begin a just, affordable and orderly transition to clean energy.