By JORDEENE B. LAGARE | Manila Times

 

MANILA Electric Co.’s (Meralco) power generation arm has tapped a contractor for the construction of a 50-megawatt (MW) solar power plant in Bulacan.

PowerSource First Bulacan Solar Inc. (PFBSI) signed on Friday an engineering, procurement, and construction with Sumec Complete Equipment and Engineering Co. Ltd. for its P4.25-billion project in the municipality of San Miguel.

PFBSI shall sell electricity to Meralco under the 20-year power supply agreement approved by the Energy Regulatory Commission in February this year.

MGEN Renewable Energy Inc. (MGreen) holds a 40-percent stake in PFBSI, while PowerSource Global Holdings Corp. and Singapore’s Sunseap International Pte. Ltd. have 36 percent and 24 percent, respectively.

MGreen, meanwhile, is the platform of Meralco unit Meralco PowerGen Corp. (MGen) for the strategic push to develop renewable energy (RE) projects

The solar facility, the first solar investment of the company, is part of Meralco’s plan of completing 1,000 MW of RE projects, according to MGen President and Chief Executive Officer Rogelio Singson.

“We are committed to undertake 1,000 MW of renewable energy projects in the next five to seven years. This start is one of the Lego pieces that will make a thousand,” Singson said during the contract signing.

The MGen official earlier said the listed utility firm is committed to developing large-scale RE projects that can competitively deliver electricity for its customers, without any requirement for subsidy or support, while keeping environmental stewardship and sustainability as top priorities in its business.

It is also part of Meralco’s “inexorable shift” to renewables.

Aside from RE projects, MGen is is also focused on utilizing high efficiency, low emissions technology for baseload power plants, or facilities that deliver uninterrupted supply of electricity.

Meralco shares slumped by P8.40 or 2.28 percent to close at P360.60 apiece on Friday.