October 2, 2019 | 12:04 am
MANILA Electric Co. (Meralco) said
on Tuesday that its board of directors had approved the request of a
subsidiary’s unit for a P424.2-million equity funding for its solar projects
under development with a combined capacity of 210-megawatt peak (MWp) and a
total estimated project cost of P10.01 billion.
It told the stock exchange that the
request made by MGEN Renewable Energy, Inc. (MGreen) was approved by the board
on Sept. 30. MGreen is the renewable energy subsidiary of Meralco PowerGen
Corp. (MGen), the power generation arm of listed electric distribution utility
Meralco.
“We believe that now is the time to
focus on building our green energy capacity and we intend to be a key player in
the renewable energy space,” said MGen President and Chief Executive Officer
Rogelio L. Singson in a statement. “We also hope to contribute to the country’s
transition towards sustainable energy.”
MGreen previously announced its plan
to invest in 1,000 MW of renewable energy projects over the next five to seven
years.
“The company was established to
serve as the platform for the strategic push to develop renewable energy
projects, primarily solar, wind and run-of-river hydro,” MGen said.
Mr. Singson said the projects are in
line with the company’s commitment to develop large-scale renewable energy
projects that will provide reliable, environment-friendly power at competitive
prices without the need for subsidy.
“MGen, through MGreen, will continue
working on the realization of our project opportunities and will work in
partnership with established developers to maximize our growth potential,” he
said.
MGen said it is also focused on
using high efficiency, low emission (HELE) technology for its baseload power
plants.
Meralco’s controlling stakeholder,
Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings
Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest
Holdings, Inc., has interest in BusinessWorld through the Philippine
Star Group, which it controls. — Victor V. Saulon
No comments:
Post a Comment