By Danessa Rivera (The Philippine Star) | Updated June 2, 2016 - 12:00am
MANILA, Philippines – Manila Electric Co. (Meralco) is eyeing to build a solar power portfolio of 20 megawatts (MW) in the first year of operations of its solar subsidiary.
The power distributor is firming up its foray into the renewable energy (RE) sector through subsidiary M-Spectrum, which will pursue solar projects on an opportunistic basis, Meralco SVP and head for customer retail services and corporate communications Alfredo Panlilio said.
He said M-Spectrum will be Meralco’s main vehicle for solar rooftop and utility-scale investments.
“We are still building our team… but initially, commercial and industrial would be our focus and residential would be more of opportunistic in terms of engagements,” said Panlilio, who temporarily heads M-Spectrum.
The company official said the solar unit is currently assessing a number of opportunities in the solar sector.
“We do have a pipeline of accounts that we are looking at. We are looking for the first year of operations… this year up to next year of about 20 MW [of capacity] as a target,” Panlilio said.
Meralco is actively pursuing RE investments, among other technologies, as part of its diversification from the distribution business.
“We are serious in getting into renewable and we know that this is something that will be a different business model for Meralco,” Panlilio said.