Meralco’s solar unit eyes P500M in revenues this year

Distributor Manila Electric Co.’s (Meralco) solar power firm sees its revenues reaching P500 million by the end of this year as its portfolio within and beyond the company’s franchise nears 60 megawatts (MW) in capacity.

MSpectrum Inc. president and chief executive Ma. Cecilia Domingo told reporters this was higher than last year’s P300 million in revenues.

By 2024, her company also plans on expanding its services to the Visayas and Mindanao islands to beef up its portfolio by 30 MW and provide renewable energy to more clients.

“As much as possible, we want to install [solar panels] on new buildings, and even those still in the planning stage so they can incorporate that kind of technology. This way, they can immediately harness renewable energy for power,” Domingo said.

She added that installing solar panels on old buildings would be costlier for potential customers, as they needed to retrofit their facilities to accommodate the renewable energy technology.

At present, 85 percent of MSpectrum’s solar power capacity comes from installations within the Meralco franchise area, including office buildings and other facilities.

The company currently offers its solar power services to industrial and commercial facilities, as well as residential communities and microgrid projects.

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MSpectrum was among the prequalified bidders for the national government’s first round of bidding for microgrid system providers scheduled at the end of the year.

Microgrid systems—smaller networks that are usually connected to the national grid but are able to function independently—are ideal for remote areas that are either totally without electricity or have limited access to supply. INQ