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Brix Lelis - The Philippine Star
March 3, 2025 | 12:00am
MGen, the power generation arm of Manila Electric Co., initially planned to scale up its renewable energy (RE) capacity to 1,500 megawatts (MW) by 2030.
Businessworld / File
MANILA, Philippines — Meralco PowerGen Corp. (MGen), chaired by tycoon Manuel V. Pangilinan, is on track to surpass its clean energy capacity target ahead of schedule, driven by a robust project pipeline.
MGen, the power generation arm of Manila Electric Co., initially planned to scale up its renewable energy (RE) capacity to 1,500 megawatts (MW) by 2030.
But MGen president and CEO Emmanuel Rubio is optimistic about the company’s growth prospects in the green energy space, suggesting an upward revision in their targets.
“So we’re setting a new target,” Rubio said, although he declined to provide further details for now.
MGen Renewable Energy Inc. (MGreen), which manages MGen’s RE investments, had a net sellable capacity of 344.5 MW as of February this year, according to company data.
This capacity is set to see a significant increase with the scheduled completion of the first phase of the $4-billion MTerra Solar project in Central Luzon in the first quarter of 2026.
Straddling the provinces of Nueva Ecija and Bulacan, MTerra Solar is expected to become the largest integrated solar and battery storage facility upon full completion in 2027.
The Meralco Group took over the project in 2023 after acquiring a controlling stake in SP New Energy Corp., founded by businessman Leandro Leviste, through MGreen.
Aside from RE, MGen is also focused on building up its baseload portfolio both here in the Philippines and abroad.
Last January, MGen unit PacificLight Power Pte. Ltd. (PLP) secured the right to build, own and operate a 600-MW gas plant in Singapore, with commercial operations targeted by 2029.
The project will provide an additional capacity to PLP’s portfolio, which consists of an existing 830-MW combined cycle gas turbine and a 100-MW fast-start capacity set to begin operation as early as April.
In the Philippines, MGen recently sealed its $3.3-billion liquefied natural gas deal with power giants Aboitiz Power Corp. of the Aboitiz Group and San Miguel Global Power of tycoon Ramon Ang.
“The successful expansion of our conventional and renewable portfolios, alongside major acquisitions and strategic partnerships, strengthens our position as a leader in the power generation industry,” Rubio said.
In 2024, MGen delivered 15,296 gigawatt-hours of power from its diversified portfolio in the Philippines and Singapore, marking a seven-percent increase year-on-year.
