December 4, 2023

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MGen eyes to expand renewable energy portfolio

2 min read

MERALCO POWERGEN Corp. (MGen) is planning to expand its renewable energy (RE) portfolio, with a new project likely to begin construction by the second half of the year.

“We hope we will be able to add. Our target is 1,500 [megawatts] and we expect some major expansion projects in the next six months to a year,” Jaime T. Azurin, president and chief executive officer of MGen, told reporters at the sidelines of a March 30 event.

MGen, the power generation arm of listed electric distribution utility Manila Electric Co. (Meralco), is targeting to build 1,500 megawatts (MW) of renewable energy projects by 2030.

“The 1,500 MW, that is attributable, that is operational. We hope we will be able to start construction of the next one by the middle of this year or third quarter. You will hear about us constructing our pipeline projects. So, almost there,” he added.

Mr. Azurin did not disclose the capacity of the project they are targeting to start building this year, but added that this “will not be the 50-60 MW but bigger projects.”

He said that MGen expects to reach 200 MW of RE capacity by the end of this year.

“After Baras, we will be at 200 MW,” Mr. Azurin said, referring to the 75-MW-alternating current (MWac) solar project in Baras, Rizal, which he said the project is expected to be completed within this month.

“We’re already in testing, so it will be commissioned already,” he added.

MGen Renewable Energy, Inc. or MGreen, the renewable energy subsidiary of MGen, inaugurated its 68-MWac solar plant with Vena Energy in Ilocos Norte on March 30.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — A.E.O. Jose


2023-04-09 12:06:19

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