MERALCO PowerGen Corp. (MGen) said on Thursday its unit had begun commercially operating a 50-megawatt (MW) solar plant in San Miguel, Bulacan after receiving regulatory approval.
In a press release, MGen said the power plant known as “BulacanSol” secured clearance to operate from the Energy Regulatory Commission on Wednesday and is now providing energy to the Luzon grid.
“We look forward to many more investments in renewables, particularly solar, as we attempt to achieve that balance in fuel sourcing, which will ultimately be biased towards renewables,” said Manuel V. Pangilinan, chairman of Manila Electric Co. (Meralco), the parent firm of MGen.
BulacanSol is a P4.25-billion project under PowerSource First Bulacan Solar, Inc., which is 60% owned by MGen unit MGen Renewable Energy, Inc. (MGreen). The remaining 40% is held by PowerSource Energy Holdings Corp.
MGreen is the renewable energy unit of MGen, which is the power generation arm of distribution utility Meralco.
Mr. Pangilinan described BulacanSol as a “modest step into renewables, but a significant one” for Meralco.
Meralco President and Chief Executive Officer Ray C. Espinosa described BulacanSol as the “very first renewable power plant” that “One Meralco Group” lined up for investment and sourcing.
Two years ago, Meralco announced that it would shift to renewable energy and adopt sustainability practices.
MGen President and Chief Executive Officer Rogelio L. Singson said BulacanSol signifies the commitment of the group to attain energy security by providing clean, cost-competitive and sustainable power. He also chairs the plant’s project company.
“As the first operational project of MGreen, BulacanSol is a very important milestone that drives us to aggressively pursue more projects that will help us achieve our target of building a renewable energy portfolio with a capacity of up to 1,500 MW in the next five to seven years,” Mr. Singson said.
Construction activities for the solar plant began in December 2019.
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. — Angelica Y. Yang
