The Manila Electric Co. (MERALCO), through its retail electricity supplier unit MPower, is set to add more renewable energy (RE) sources in its portfolio as part of its sustainability goal and support to the government’s push for clean energy.
MPower looks to increase its RE capacity to 800 MW in the next two years.
MPower is the sole off-taker of the 68-megawatt (MW) Nuevo Solar Energy Corp. (NSEC) in Currimao, Ilocos Norte.
“This new partnership marks an important milestone in our commitment to continue diversifying our supply portfolio by taking in more renewable energy projects, not only to meet the demand of our customers for sustainable energy but also to support the national agenda to transition to clean energy sources,” MPower senior vice president and head Roberto Almazora said in a statement.
NSEC is a joint venture between MGen Renewable Energy Inc and Vena Energy.
MPower currently serves customers with a combined requirement of around 1000 MW – of which 180 MW are sourced from RE.
“As the consciousness towards sustainability grow, we expect demand for RE to similarly increase. By 2025, our target is for RE to account for at least 40% of our total supply mix,” Almazora said.
Vena Energy is an RE company based in Singapore, that has a renewable energy portfolio of 40 gigawatts in the Asia-Pacific region.
In 2021, MGen acquired a 20% equity in Powersource First Bulacan Solar Inc., a 55 MW solar facility in San Miguel, Bulacan. It is also developing a 75 MWac solar project in Baras, Rizal through PH Renewables, Inc.