MERALCO PowerGen Corporation (MGen), the power generating arm of the Manila Electric Company (MERALCO), plans to develop more floating solar plants in the Laguna De Bay.
According to a report from The Philippine Star, MGen is still awaiting regulation from the Laguna Lake Development Authority (LLDA) regarding its proposed plan.
The plan would be rolled out by MGen subsidiary MGen Renewable Energy Inc. (MGreen), which put up Lagunasol Corporation as the corporate vehicle for its floating solar investments. MGreen is MGen’s renewable energy (RE) arm. Lagunasol will be in charge of the construction and operation of a power plant and related facilities that utilize solar energy.
Lagunasol is currently securing lake lease rights for six strategic locations of 100 hectares within the Laguna Lake.
This move is consistent with MGen’s goal to increase its RE projects of at least 50 megawatts (MW).
In 2019, MGreen bought 70% of Nortesol III Inc., which is involved in the construction, development, and operation of power plants and other facilities using RE and hybrid energy systems. Nortesol is set to develop a 110MW floating solar facility in Laguna Lake.
At the same time, MGreen is about to begin commercial operations of its 50MW solar farm in San Miguel, Bulacan under Powersource First Bulacan Solar Inc.. The solar farm was supposed to start commercial operations within the first quarter.
MGreen aims to have a 1,000 to 1,200MW RE portfolio within the next five to seven years by developing large-scale solar, wind, and hydropower projects that aim to provide reliable and eco-friendly power at competitive prices without the need for subsidy.