The power generating arm of the Manila Electric Co. (Meralco), Meralco PowerGen Corp. (MGen) is set to build a diversified portfolio of 3,000 MW in the next five years.
“We are targeting around 3,000 MW within the next five years, with 1,000 MW entirely allocated to renewable energy (RE) projects,” Meralco President Ray Espinosa was quoted in a report.
Espinosa added that Meralco sees the need for additional power supply to support the country’s growth.
“Building Meralco’s power distribution portfolio remains a highly strategic initiative of the company as we seek to add much needed reliable, and efficient power supply to support the Philippines’ growth momentum,” he said.
MGen President Rogelio Singson detailed that the 2,000 MW out of the 3,000 MW target will be produced by the San Buenaventura Power Plant Limited Co. (SBPL), Atimonan One Energy, Inc. (A1E) and St. Raphael Power Generation, Inc. (St. Raphael). All of which are partners with MGen.
“SBPL, A1E and San Raphael will be about 2,000 megawatts. RE, I still can’t mention because we are negotiating the sites,” Singson said via SMS.