By JORDEENE B. LAGARE | The Manila Times
LISTED Manila Electric Co. (Meralco) has unveiled plans to invest in renewable-energy (RE) projects with a total capacity of 1,000 megawatts (MW) over the next few 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,” Meralco President and Chief Executive Officer Ray Espinosa said in a statement on Tuesday.
The power giant, he added, “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.”
Meralco intents to implement these projects — primarily solar, wind and run-of-river hydro facilities — through its unit Meralco PowerGen Corp. (MGen).
The amount to be invested in these projects was not disclosed.
“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,” MGen President and Chief Executive Officer Rogelio Singson said.
“MGen,… 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.
According to the official, the plan is aligned with MGen’s growth aspirations that are focused on advancing RE prospects and utilizing high efficiency, low emission (HELE) technology for baseload power plants.
MGen has power projects under its portfolio, including the 455-MW supercritical coal-fired power plant in Mauban town, Quezon province; the 1,200-MW ultrasupercritical coal-fired power plant in Atimonan municipality, also in Quezon; the 600-MW coal-fired power plant in Subic town, Zambales province; and the 700-MW coal-fired power plant in Calaca municipality, Batangas province.
Meralco shares gained P1.60 or 0.41 percent to close at P390.80 apiece on Tuesday.