Manila Electric Co. through unit Meralco PowerGen Corp. is keen on teaming up with potential wind projects that could potentially generate up to 300 megawatts of power capacity with an investment cost of $800 million to $900 million, officials said over the weekend.
Meralco president Oscar Reyes said if plans pushed through, Meralco would need to invest around $200 million under a 75 percent-25 percent debt equity scenario at a 100 percent project ownership basis.
“We have gotten attractively priced, significantly lower than the second round of FIT (feed-in-tariff),” Reyes said, when asked why Meralco was venturing into wind projects.
The FIT guaranteed a rate of P8.53 for every kWh produced by a qualified wind producer. The FIT was later revised downward for the second round to P7.40 per kWh for wind projects.