Meralco PowerGen Corporation (MGEN) is cementing its position as a leader in the Philippine energy transition with a record-setting clean energy project and robust financial results, according to President and CEO Emmanuel V. Rubio at the company’s Annual Stockholders’ Meeting held today.
Meralco’s power generation arm posted a consolidated core net income of PHP 10.9 billion in 2024, propelled by operational efficiency and strategic participation in the co-optimized energy and ancillary services market, especially in the Visayas grid.
“We closed 2024 with a net sellable capacity of 2,436 MW across the Philippines and Singapore, delivering a total of 15,296 GWh—a 7% increase year-on-year,” Rubio reported.
A key highlight of the meeting was the MTerra Solar Project—touted as the largest clean energy project in Philippine history. Officially launched in November 2024, the project spans 3,500 hectares across Nueva Ecija and Bulacan and will deliver 3,500 MWp of solar power and 4,500 MWh of battery storage.
“MTerra Solar… is expected to supply clean energy to around 2.4 million households, significantly reducing the country’s carbon footprint by displacing approximately 4.3 million tons of carbon dioxide annually,” Rubio noted.
The project has garnered major national and foreign backing. It was certified an Energy Project of National Significance by the Department of Energy and received a Green Lane Certification from the Board of Investments. Financing includes a PHP 150 billion omnibus loan from six local banks and a USD 600 million equity investment by Actis, marking the country’s largest greenfield infrastructure investment to date.
Construction progress is well underway, with 42% of work completed as of April 2025. MGEN expects the first phase of operations to go live by early 2026, and Phase 2 by early 2027.
The company also expanded its solar footprint with the commissioning of three plants in Nueva Ecija, Isabela, and Rizal, totaling 152.7 MWac. Additionally, a 450 MW solar plant in Pangasinan is scheduled to go online next year.
With these developments, MGEN is poised to exceed its 1,500 MW renewable energy goal by 2027—three years ahead of schedule.
On the gas front, MGEN, through Chromite Gas Holdings, now holds significant stakes in two major LNG-fired power assets and an import terminal in Luzon, reinforcing energy security. In Singapore, PacificLight Power is building a 600 MW hydrogen-ready gas plant targeted for 2029.
“MGEN is not just building power plants—we’re building a legacy,” Rubio concluded.
What’s your take on the MTerra Solar Project and MGEN’s energy portfolio expansion? Join the conversation and share your views on how this development shapes the future of clean and reliable energy in the region.
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