Meralco Powergen Corporation (MGen), a subsidiary of Manila Electric Company (Meralco), has announced its plans to spend up to PHP6 billion for the development of solar projects in the Philippines over the next two years. The company allocated PHP3 billion in capital expenditures for 2021 and has planned to spend between PHP2 billion to PHP3 billion during 2022. The company is currently working on the development of four solar farms for the remainder of 2021.
These includes construction work on a 78 MW alternating current (MWac) plant in Rizal. Engineering, procurement, and construction (EPC) negotiations are also underway for the 54 MW solar plant in Cordon, 19 MW solar project in Nueva Ecija and a 50 MW solar project in Ilocos Norte.
For 2022 and beyond, MGen will undertake the construction of a large-scale wind farm as well as the development of solar energy storage systems (ESS). MGen is also targeting the development of 1,500 MW of renewable energy (RE) projects in the next seven years.