By
Lenie Lectura - January 9, 2018
A top official of the
Manila Electric Co. (Meralco) said its wholly owned subsidiary plans to invest
in two wind-power projects, each with a capacity of 150 megawatts (MW), with a
combined project cost of about $800 million (around P40.225 billion at current
exchange rates).
“Plus or
minus, it’s $800 million for 300 [MW] wind-power projects,” Meralco President
Oscar Reyes said during a briefing on Monday. Reyes added Meralco
Powergen Corp. (MGen) may come in as an investor in the wind projects, though
“the question of investment still has to be discussed.”
“The
total cost of the project in 75-25 debt-to-equity is roughly $200 million in
investment on a 100-percent basis,” he said. “We have gotten indications,
coming from possible partners.”
MGen
President Rogelio Singson said last month the company was looking at two wind
projects: one in the north and the other close to the Meralco franchise area.
MGen, however, is not the prime developer in these two projects.
For now,
Reyes said, Meralco is being invited “for us to provide power supply agreement
[PSA] of their output.”
“Now, we
are focusing on PSA,” the Meralco official added.
Aside
from wind, MGen is also looking at other cleaner technologies, such as pump
storage and solar. Singson said these technologies are being considered, amid
increases in coal tax and excise tax.
“When
the coal tax kicks in, wind will be competitive,” Singson earlier said.
For
solar, the group is studying possible investments, especially with battery
storage. Singson said solar investments are confined to those with off-take
agreements with Meralco.
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