Meralco to invest P18 billion to further renewable energy buildout

The Manila Electric Company (Meralco) said Sunday its power generation arm had committed to invest at least P18 billion to further its renewable energy (RE) buildout as part of its long-term sustainability strategy.

In a statement, Meralco said the Meralco PowerGen Corporation’s (MGen) multi-billion investment will cover over 2 gigawatts of gross RE capacity from solar and wind that the company and its partners aim to build by 2030.

Meralco said MGen, through its renewable energy unit MGen Renewable Energy, Inc. (MGreen), aims to ramp up its attributable RE capacity to 1,500 megawatts “with investments in more and larger green energy projects, including those with battery energy storage systems.”

MGen President and CEO Jaime Azurin said more projects utilizing RE were also in the works to reduce their direct emissions by 20% through 2030, targeting to be coal-free before 2050.

These include the two solar projects, namely the 49 MWac (megawatt of alternating current) solar plant in Cordon, Isabela; and the 18.75 MWac solar plant in Bongabon, Nueva Ecija.

“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. This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy,” Azurin said. — DVM, GMA Integrated News