ONE Meralco, the group of companies led by Manila Electric Co. (Meralco), is allocating an estimated P76 billion for renewable energy projects to transition to cleaner energy in 10 years.

Jaime T. Azurin, president and chief executive officer of Meralco unit Meralco PowerGen Corp. (MGen), made the statement in his speech at the Conference of the Electric Power Supply Industry (CEPSI) 2021 on Thursday.

“With an estimated capital requirement of around P76 billion, sustainability in power generation needs board attention and full commitment to support [this] huge capital investment,” Mr. Azurin said.

He said the group is developing renewable energy projects with a total capacity of 1,500 megawatts (MW) in seven years. Of this, the first is a 55-MW solar power plant in Bulacan, which started operations in May this year.

Mr. Azurin added that the group is now also building a 78-MW solar plant in Baras, Rizal, which is set to be completed in September next year.

He added that the group is also negotiating for solar plants in Isabela, Nueva Ecija, and Ilocos Norte and is eyeing hydro and wind power.

“With consumer preference continuing to shift towards more environment-friendly initiatives, sustainability has become vital in keeping one’s competitive advantage,” Mr. Azurin said.

He added that the use of renewable energy to meet baseload requirements “remains challenging and comes with a premium price” due to the irregularity of most renewable energy sources and the geographical constraints and tech-nological limitations of the Philippines.

With this, Mr. Azurin said One Meralco’s “strategy is to transition to low-carbon energy in an orderly and affordable manner to serve our broader purpose while securing long-term profitability.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

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