Meralco’s Solar, LNG Investments Propel 10% Revenue Growth in Q1

Meralco’s bold energy transition strategy delivered strong first-quarter results, with consolidated core net income rising 10.8% to PHP 11.2 billion, as the company doubled down on its renewable energy ambitions and ramped up investments in solar and LNG projects.

Driving the momentum was a 10% increase in consolidated revenues to PHP 114.5 billion, fueled by stronger volumes from the distribution utility, power generation, and retail electricity supply businesses. Meralco’s power generation arm, MGen, contributed PHP 3.4 billion — 31% of total core earnings — following the energization of three new solar plants adding 152.7 MWac capacity in Luzon.

In a major financing milestone, MTerra Solar, the project company behind the world’s largest planned integrated solar and battery storage facility, secured PHP 150 billion in project financing from six local banks and a PHP 600-million investment from Actis, marking one of the country’s largest private renewable deals to date.

MGen also expanded its portfolio by acquiring a 40.2% stake in the country’s first integrated liquefied natural gas (LNG) facility in Batangas, bolstering its future energy mix.

Meanwhile, Meralco reported capital expenditures of PHP 25.4 billion, with the lion’s share directed toward the development of the MTerra Solar project in Nueva Ecija. Steady investments in advanced IT infrastructure and energy resiliency projects underpinned the company’s commitment to sustainability and service reliability.

Meralco Chairman Manuel V. Pangilinan noted: “As we move forward, we remain dedicated to enhancing our services, and ensuring that our stakeholders receive the best value from partnering with us for development.”

With renewable projects scaling rapidly and a reinforced asset base, Meralco is positioning itself as a key player in the Philippines’ clean energy transition — and an even stronger force in the broader Southeast Asian energy landscape.

How do you view Meralco’s massive renewable energy expansion — a game-changer for Philippine energy or just the beginning? Join the discussion!

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