The $88.9m plant will provide clean energy in the Luzon Grid
The Philippine’s largest power company, MERALCO, has launched operations of its 50 MW solar power plant in Bulacan.
A 60-40 joint venture between MERALCO’s wholly-owned subsidiary, MGen Renewable Energy, Inc. (MGreen) and PowerSource Energy Holdings Corporation, the $88.9m (PHP4.25b) will provide clean energy in the Luzon Grid.
“This is a modest step into renewables but a significant one for MERALCO. We look forward to many more investments in renewables, particularly solar, as we attempt to achieve that balance in fuel sourcing, which will ultimately be biased towards renewables,” MERALCO Chairman Manny V. Pangilinan said.
The power company first announced its shift to renewable energy in 2019.