MERALCO POWERGEN CORP. (MGen), the power generation arm of Manila Electric Co. (Meralco), and Korea Electric Power Corp. (KEPCO) are planning to expand their renewable energy (RE) partnership to help diversify the country’s energy portfolio.
“Looking ahead, KEPCO and MGen intend to expand their collaboration beyond solar into other renewable energy projects such as wind and ESS (energy storage system), further diversifying the Philippines’ energy portfolio,” the companies said in a statement on Thursday.
The expanded partnership builds on earlier collaborations, including the signing of a memorandum of understanding to jointly explore nuclear energy, renewable energy, smart grids, microgrids, ESS, electric vehicles, advanced metering infrastructure, smart substations, and distribution automation.
At the same time, MGen announced that its unit SP New Energy Corp. (SPNEC) will take over the operations of the 63.3-megawatt peak (MWp) solar farm in Calatagan, Batangas.
MGen signed a deed of accession and amendment with KEPCO to replace Solar Philippines Power Project Holdings Corp. (SPPHI) with SPNEC.
Through MGen Renewable Energy, Inc., MGen owns 53.7% of SPNEC after acquiring the stake from SPPHI. KEPCO holds a 38% share in SPPHI’s subsidiary Solar Philippines Calatagan Corp., which operates the solar farm.
“This agreement is a testament to the trust and cooperation that KEPCO and MGen have built over the years,” KEPCO Philippines Holdings, Inc. President and Chief Executive Officer Jeon Yongsu said. “Together, we are creating a stronger foundation to accelerate renewable energy development in the Philippines and set a benchmark for strategic energy partnerships across Asia.”
Under the agreement, the companies affirmed their commitment to strengthen their strategic partnership as joint shareholders in the solar farm.
“Our strengthened partnership with KEPCO underscores MGen’s commitment to advancing clean energy and supporting the country’s sustainability goals,” MGen and SPNEC President and Chief Executive Officer Emmanuel V. Rubio said.
“By working hand in hand, we aim to not only ensure the continued success of the Calatagan Solar Farm but also unlock new opportunities for innovation and growth in the Philippine energy sector,” he added.
At present, MGen has seven solar power plants in the Philippines across Bulacan, Nueva Ecija, Rizal, Batangas, and Tarlac.
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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
