By The Daily Tribune
The Manila Electric Co. (MERALCO) on Wednesday announced a significant expansion of plans to invest in renewable energy projects in the coming 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,” recently appointed President and CEO Ray C. Espinosa said.
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.
“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,” Espinosa added.
As part of this plan, MGEN Renewable Energy Inc. (MGreen) has been established to serve as the platform for the strategic push to develop renewable energy projects, primarily solar, wind and run-of-river hydro. The new company aims to bring in additional supply to support the Philippines’ growth momentum and help ensure availability of green and cost-competitive power supply in the coming years.
MGreen is a wholly owned subsidiary of MERALCO PowerGen Corporation (MGen), which in turn is 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. Notwithstanding the ongoing requirement for new reliable baseload generation to support the fast-growing Philippine economy, we believe that the time is right to focus on building our green energy capacity and we intend to be a key player in this expanding sector,” MGen President and CEO Rogelio L. Singson said.
“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.