Meralco’s power generation arm, Meralco PowerGen Corp (MGen), is set to invest around Php18 billion to expand its renewable energy line, which is part of its long-term sustainability strategy.
MGen said that the large investment will cover over 2GB of gross renewable energy capacity from solar and wind that they and its partners target to build by 2030.
The company’s MGen Renewable Energy Inc (MGreen) unit said that they aim to up its attributable renewable energy capacity to 1,500MW by investing in bigger green energy projects that include battery storage systems.
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MGreen’s current renewable energy portfolio includes the 55MWac BulacanSol solar plant in San Miguel, Bulacan, in partnership with Powersource Energy Holdings Corp.; the 68MWac solar farm in Currimao, Ilocos Norte together with Vena Energy’s Pasuquin Energy Holdings Inc.; and the 75MWac solar farm of PH Renewables Inc (PHRI) in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Port Corp.
It is said that PHDRI has already completed the commissioning tests for Phase 1 of its project which involves 67.5MWac, which is slated for commercial operations by mid-August 2023. Phase 2 of the project is aimed to be operational by mid-2024.
More renewable energy-related projects are already in development and assessment.
Via: ABS-CBN News