Meralco enters clean energy sector
Meralco, the Philippines’ largest power distributor, makes its first renewable energy investment.
President Oscar Reyes said the company was entering the renewable energy business with an initial investment in a 300 megawatt wind farm located in Laoag City in Ilocos Norte province in northwestern Luzon.
Reyes said the investment was part of Meralco’s plan to install 2,500 MW in new generation capacity by 2020.The Philippines’ energy deregulation law allows Meralco to generate electricity relative to its distribution volume.
Besides wind power, Meralco is also considering investments in liquefied natural gas-fired plants.
Meralco enters renewable energy after the government last month approved the long-delayed Feed-in Tariffs for clean energy developers.
Reyes said the important thing for Meralco is to locate its renewable energy facility in an area where the company can obtain good returns under the FIT, whose approved rates were all lower than those petitioned by clean energy developers.
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