MGEN sets sights on wind power
The power generation unit of tycoon Manuel V. Pangilinan is deepening its focus on renewables, with the company hoping to also make a name beyond solar ventures.
As Meralco PowerGen Corp. (MGEN) nears wrapping up the P200-billion MTerra Solar in Luzon, the group eyes further projects in the clean energy sector on top of solar and battery energy storage systems.
MGEN Renewable Energy Inc. (MGreen) president and CEO Dennis Jordan said the firm is exploring the possibility of building wind parks.
“We don’t have something complete yet, but I think it will be wrong for us to totally not look into onshore wind, at least,” he told reporters on Tuesday. This was on the sidelines at the Economic Journalists Association of the Philippines’ energy forum.
“Offshore, we are assessing our position on that,” he added.
In September last year, MGEN sealed a partnership with Korea Electric Power Corp. (Kepco) for the development of wind and power storage facilities in the local market.
No updates on this teamup were provided. Both parties operate the 63.3-megawatt (MW) Calatagan solar park in Batangas.
The group’s renewables portfolio has a capacity of 408 megawatts (MW), but Jordan was bullish that the figure could significantly grow to around 3,400 MW as they roll out more projects in the next two years.
The official also said MGEN will continue joining in the government’s green energy auction program, an initiative meant to accelerate the deployment of clean power assets nationwide.
Jordan also reiterated the plan to merge MGEN Renewables and SP New Energy Corp. (SPNEC) by the latter part of the year, paving the way for a re-initial public offering (IPO).
“Toward the end of the year, we’re looking to inject assets from SPNEC and MGreen. And then it will become MGEN Renewables. It’s a space that is exciting for us,” he said.
He said the new funds to be raised from the re-IPO would finance the group’s expansion.
