Meralco PowerGen Corp. (MGEN), the power generation arm of Manila Electric Co., is exploring opportunities to develop up to 1,500 megawatts (MW) of power capacity in Malaysia amid the country’s growing data center industry.
MGEN president Emmanuel Rubio told reporters that Malaysia is preparing for significant investments in data centers, which are expected to require substantial new power capacity.
“They’re expecting or trying to attract 8,000 megawatts of capacity (in data centers),” Rubio said.
“I believe data centers would be the new divide between developed and developing countries. Who has control of AI,” he said.
Malaysia has attracted data center investments from tech giants including Microsoft, Google, Amazon, Huawei and Alibaba. The new facilities will require an estimated 8 gigawatts of new grid capacity, Rubio said, adding that MGEN is scouting for a local partner to help it participate in the market.
“I don’t think MGEN would go to a different country without a local partner,” he said.
Rubio said the company is eyeing opportunities for new greenfield projects or the development of a brownfield power plant, which is a facility on a previously used site.
He said MGEN aims to capture 1,200 MW to 1,500 MW of capacity, a size similar to its investments in Singapore, with a target completion date of late 2028 at the earliest.
The company aims to double its net saleable and attributable power capacity within the next five years. As of July 2025, MGEN’s net saleable capacity was 5,068 MW, with an attributable capacity of 2,559 MW. It expects to have 10,346 MW of net saleable capacity and 5,288 MW of attributable capacity by 2030.
Backed by its growing power generation portfolio, MGEN’s consolidated core net income contribution to Meralco increased by 52 percent in the first half of 2025. This was led by higher revenues from its participation in the reserve market, its investment in Chromite Gas Holdings Inc., the commissioning of a new 100-MW plant in Singapore and improved plant availability.
MGEN delivered 12,644 gigawatt-hours (GWh) of energy during the six-month period, a 66-percent increase year-on-year. Core income from its thermal plants grew to P3.6 billion from P1.9 billion last year.
The company’s liquefied natural gas (LNG) investments through Chromite Gas and Singapore-based PacificLight Power Pte Ltd. delivered 4,800 GWh and 2,865 GWh, respectively, while its renewable energy unit delivered 387 GWh.
MGEN has secured the Department of Energy’s reaffirmation of its 1,200-MW ultra supercritical coal-fired power project in Atimonan One Energy Inc. as a committed project. The company is also developing a 49-MW Battery Energy Storage System (BESS) in Toledo, Cebu, with the initial 25-MW capacity targeted for completion by 2026.
Overseas, PacificLight was recently awarded the right to build and operate a 600-MW greenfield combined cycle gas plant in Jurong Industrial Park, Singapore. Upon completion, this will bring MGEN’s total operating capacity in the country to 1,500 MW by 2029.
“MGen’s solid performance in the first half of 2025 reflects the strength and dynamism of our generation portfolio,” Rubio said.
“From thermal and LNG to renewables and battery storage, we are scaling up investments that push our growth and profitability forward,” he said.
