MGEN RENEWABLE ENERGY, Inc. (MGEN Renewables), the renewable energy arm of Meralco PowerGen Corp. (MGEN), is exploring wind energy opportunities, its president said, as the corporate continues to expand its renewable energy portfolio.
MGEN Renewables President and Chief Executive Officer Dennis B. Jordan said the corporate is trying to diversify beyond its current solar and battery storage assets, with plans to evaluate opportunities in each onshore and offshore wind power.
“We’re actually interested. At one point, we’re , actually, opportunities in wind,” Mr. Jordan told reporters on the sidelines of an energy forum organized by the Economic Journalists Association of the Philippines on Tuesday.
“We don’t have something complete yet, but I feel it’ll be incorrect for us to totally not look into onshore wind at the very least,” he added.
The corporate can be evaluating offshore wind projects, an emerging segment within the country’s renewable energy sector because of its significant untapped potential.
MGEN Renewables currently maintains over 400 megawatts alternating current (MWac) of net sellable capability across seven solar sites in Bulacan, Ilocos Norte, Rizal, Nueva Ecija, Isabela, Batangas, and Tarlac.
The corporate’s parent, MGEN, has a combined net sellable capability of 5,069.7 MW from each conventional and renewable energy sources. It goals to double this to 10,346 MW by 2030.
Mr. Jordan said liquefied natural gas (LNG) currently accounts for the most important share of the corporate’s portfolio, but its contribution is anticipated to say no as renewable energy capability expands aggressively in the approaching years.
He said renewable energy capability is projected to grow significantly over the following two years, supported by ongoing and planned projects, including large-scale solar and battery storage developments.
Amongst these is the MTerra Solar project, which MGEN describes as considered one of the world’s largest integrated solar and battery storage facilities. The project has an estimated cost of P200 billion and is anticipated to provide clean energy to about 2.4 million households.
Spanning municipalities in Nueva Ecija and Bulacan, the project features a 3,500-MW solar energy plant and a 4,500-MWh energy storage system. The primary phase is targeted for completion by August.
MGEN Renewables can be expected to maneuver forward with its planned asset injection with subsidiary SP Recent Energy Corp. by the fourth quarter of 2026, followed by a planned re-initial public offering (IPO) in March 2027, coinciding with the business rollout of MTerra Solar.
Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera