Philippines' MGen eyes 1GW renewables output
It wants solar to drive this renewables output.
The power generation arm of the Manila Electric Co. (Meralco), Meralco PowerGen Corp., seeks to raise its renewables output to 1,000MW or 1GW in the next two years to three years, BusinessMirror reports. It added that it wants solar power to comprise its portfolio.
MGen president Rogelio Singson said, “We want to go into more RE investments and we’re looking at solar and wind, in particular. We are looking at 500 MW to 1,000 MW of solar in the next two to three years. In wind, we’re in discussion for a wind project with 150 MW of capacity."
MGen is looking at possible partnerships for the 150MW wind project in Luzon, which is currently not enrolled in the government's feed-in-tariff programme.
“MGen believes solar generation will form an important part of the energy mix going forward and will be a competitive source of generation without any requirement for a subsidy,” Singson added.
Last August, MGen was in talks with multilateral lending agencies, such as the World Bank (WB), Asian Development Bank (ADB), and International Finance Corp., for a possible partnership in building merchant power plants.