ORTIGAS — Meralco's Chairman Manuel V. Pangilinan revealed plans for a PHP200 billion investment into a solar power farm project in Nueva Ecija, poised to be the largest in the Philippines.
According to Philippines News Agency, the 3,500 megawatts of direct current (MWdc) solar farm and a 4,000-MW/hour capacity battery energy storage system are central to the project developed by SP New Energy Corp. (SPNEC). Meralco, through MGen Renewable Energy, Inc. (MGreen), has secured a majority stake in SPNEC following a memorandum of agreement (MOA) worth PHP15.9 billion.
MGreen's transaction with SPNEC will result in a 50.5% interest, thereby marking Meralco's strategic move to dominate the renewable energy sector. Pangilinan expressed the company's ambition to create the largest solar farm not just in Asia, but globally.
In related financial news, Meralco reported a 53% surge in consolidated core net income to PHP30 billion in the first nine months of the year, a significant increase from the PHP19.6 billion recorded over the same period in 2022. This growth is attributed to increased energy distribution volumes, the strong performance of its power generation business, a turnaround in Global Business Power Corp., and the completion of distribution and asset true-up refunds totaling PHP49.1 billion over the past two years.