Meralco unit forms solar JV with Japanese firms
A unit of Manila Electric Co. has tapped Japan’s Tokyo Century Corp. and JFE Engineering Corp. (JFEE) to roll out more solar solutions amid the growing interest in the market, particularly for industrial facilities.
The companies’ joint venture agreement paved the way for the launch of MSpectrum Taiyo Inc., which would develop, own, and operate solar rooftop and ground-mounted solar developments.
The new firm is backed by MSpectrum Inc.’s local solar footprint, Tokyo Century’s global financing expertise, and JFEE’s engineering and renewable energy experience.
MSpectrum will get a 60 percent equity stake, while Tokyo Century and JFEE will hold 30 percent and 10 percent, respectively.
The tie-up is expected to help advance Japanese enterprises’ shift to clean electricity.
“Beyond supporting the growth of our organizations, this partnership aims to contribute to the country’s broader energy transition by expanding access to clean and reliable energy solutions, helping businesses manage energy costs, reduce carbon emissions, and enhance their long-term competitiveness,” MSpectrum chair Ronnie Aperocho said in a statement on Thursday.
Toshio Kitamura, Tokyo Century senior managing executive officer and global business unit president, is optimistic about the joint venture’s growth, especially amid consumers’ rising electricity needs as the local economy expands.
“Introducing clean energy while reducing costs has become an important priority for many Japanese companies operating in the country,” Kitamura said.
“This joint venture will provide clean energy to Japanese companies operating in the Philippines through solar PPA (power purchase agreement) solutions. As demand for carbon neutrality continues to grow, we believe this collaboration will help businesses achieve their sustainability goals,” added JFEE managing director Atsushi Kobayashi.
