By Aerol John Pateña | Philippine News Agency
MANILA — The Manila Electric Company (Meralco) is eyeing to develop 1,000 megawatts (MW) of renewable energy projects within the next seven years.
Meralco President and Chief Executive Officer Ray Espinosa said the power distribution firm is committed to provide affordable electricity to its clients while ensuring the sustainability of the environment.
“Meralco is committed to develop large-scale renewable energy projects that can deliver competitive electricity for our customers, without any requirement for subsidy or support, while keeping environmental stewardship and sustainability as top priorities in our business,” said Espinosa in a statement on Tuesday.
The development of the renewable energy projects will be undertaken by MGEN Renewable Energy Inc. (MGreen), which is a subsidiary of Meralco PowerGen Corporation (MGen), the power generation arm of Meralco.
“We are working on several renewable energy prospects and we recognize the significant reduction in the development cost, particularly for large-scale solar and wind over the past years. Notwithstanding the ongoing requirement for new reliable baseload generation to support the fast-growing Philippine economy, we believe that the time is right to focus on building our green energy capacity and we intend to be a key player in this expanding sector,” said MGen President and CEO Rogelio Singson.
“MGen, through MGreen, will continue working on the realization of our project opportunities, and will work in partnership with established developers to maximize our growth potential,” he added.
Earlier, Espinosa said they are currently talking with several solar, wind and natural gas proponents for possible supply partnerships.
The firm would likewise comply with the recent decision of the Supreme Court mandating that all power supply agreements entered into by distribution utilities must undergo public bidding through a competitive selection process.
