A UNIT of Global Business Power Corp. (GBP) has begun the construction of its 115-megawatt (MW) peak solar plant in Baras, Rizal, marking the firm’s foray into renewable energy (RE), it said on Tuesday.
The power plant, which will be built by PH Renewables, Inc., is expected to begin commercial operations in 2022. The facility will be located within the Philippine Communications Satellite Corp.’s grounds.
GBP said that the project aims to serve all three major islands across the Philippines.
“We have worked together with our partners to aid the growing demand for cleaner and affordable power supply. In response to the government’s push for renewable energy, we have persevered to finally commence construction of this timely project to fuel the nation’s progress,” GBP President Jaime T. Azurin said during the plant’s recent groundbreaking ceremony.
Three firms, namely: China Energy Engineering Group Guangdong Electric Power Design Institute Co., Solenergy Systems, Inc. and China Energy Engineering Co., Ltd. are in charge of the design, engineering, procurement and construction of the solar facility.
GBP said its entry into the RE space is in line with One Meralco Group’s long-term sustainability agenda, which covers renewable energy project development and sourcing.
Manila Electric Co. (Meralco) Chief Executive Officer and President Ray C. Espinosa said that the group aims to shift to cleaner fuel sources by sourcing 1,500 MW of its power requirements from RE in the next five years.
GBP is a wholly owned unit of Meralco PowerGen Corp., which is the power generation arm of listed distribution utility Meralco.
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., which has interest in BusinessWorld through the Philippine Star Group, which it controls.
Shares in Meralco at the local bourse improved by 0.57% or P1.60 to close at P282.60 apiece on Tuesday. — Angelica Y. Yang