Meralco PowerGen eyes green power auctions
Meralco PowerGen Corp. (MGEN) is on the lookout for upcoming green energy auctions (GEAs) of the government, as securing a contract or contracts gives developers the confidence to invest more in the renewables market.
Dennis Jordan, president and CEO of MGEN Renewable Energy Inc., told reporters the firm continues to monitor the developments in the Department of Energy’s (DOE) GEA program. This is an initiative meant to speed up the deployment of clean power assets across the country.
“Because, of course, those auctions actually underpin or basically underwrite your investment if the prices are accessible to justifying the investment,” he said on the sidelines of the Economic Journalists Association of the Philippines’ energy forum last week.
He then noted MGEN’s capacity to deliver awarded projects ahead of schedule, such as its committed facilities under the GEA-2. These include the 52.8-megawatt (MW) solar park in Isabela and another one at 19.8 MW in Nueva Ecija.
“Those were actually delivered almost four months and six months ahead of time, of our commitment. It shows you the capability of Meralco PowerGen or MGen when it comes to project execution,” Jordan added.
The DOE is already preparing for its next waves of auctions for renewable energy producers, with its chief, Sharon Garin, eyeing an additional 20,000 MW worth of additional capacity.
For this year alone, the government has set several bidding rounds, including one for offshore wind, a special round for waste-to-energy facilities and biomass.
Meanwhile, MGEN’s renewables portfolio is at 408 MW. The group targets to grow this figure to around 3,400 MW as it seeks more expansion opportunities, not just in Luzon.
MGEN, the power generation arm of Pangilinan-led Manila Electric Co., is leading the development of the mammoth MTerra Solar in Luzon.
Designed to power 2.4 million homes, the P200-billion project is targeted for completion by 2027.
