Meralco to develop 1,000MW of renewable energy projects

Pangilinan-led Manila Electric Co. (Meralco) on Tuesday announced plans to develop 1,000 megawatts (MW) of renewable projects in the next seven years.

"As we celebrate the World Environment Day, we announce that we are developing 1,000 MW of renewable energy projects in the next five to seven years, joining the inexorable shift to renewable energy and the adoption of sustainable practices in everything we do," said Ray Espinosa, president and CEO of Meralco.

Espinosa last week bared that Meralco is in talks with a number of firms connected with solar, wind, and natural gas proponents for possible partnerships.

"Meralco is committed to developing large-scale renewable energy projects that can deliver competitive electricity for our customers, without any requirement for subsidy or support, while keeping environmental stewardship and sustainability as top priorities in our business," said Espinosa.

The expansion of the renewable energy business will be led by MGEN Renewable Energy Inc. (MGreen), a wholly-owned subsidiary of Meralco PowerGen Corp. (MGen), the power generation arm of Meralco.

"We are working on several renewable energy prospects and we recognize the significant reduction in the development cost, particularly for large-scale solar and wind over the past years," said MGen President and CEO Rogelio Singson.

"MGen, through MGreen, will continue working on the realization of our project opportunities, and will work in partnership with established developers to maximize our growth potential," he added. — RSJ, GMA News