A SUBSIDIARY of Manila Electric Co. (Meralco) is targeting to build a renewable energy (RE) portfolio of 1,500 megawatts (MW) over the next three to five years.
At the sidelines of the Wednesday Roundtable at Lido Cocina Tsina in Quezon City, Meralco PowerGen Corp. (MGen) President Rogelio Singson said this portfolio would be mostly made up of solar plants, although wind projects are also being eyed.
According to him, his company recognizes the need to “scale up” in order to reach its 1,500-MW goal, and he also has “to look at either existing sites [or] pre-developed sites.”
The former Public Works secretary said MGen would become a solar-power industry player once its solar project is built by the first quarter of 2019.
Singson’s remarks came after he announced in May the company’s plan to develop up to 600 MW of solar power in the next three to four years.
MGen is considering developing solar, wind or other new technology, given the very fast movement in the RE space, especially in solar, he said then.
Solar prices have also been dropping significantly, he added
Meralco shares lost P3.40 or 0.88 percent to end at P384.20 each on Friday.
Source: https://www.manilatimes.net/meralco-unit-eyes-1500mw-re-capacity/476092/