Meralco PowerGen Corp. (MGen) and Saudi-based ACWA Power are planning to develop a 125-megawatt solar power project in the Visayas region that will participate in the Green Energy Auction Program (GEAP).
MGen signed a strategic agreement with the Saudi firm in June to explore and develop renewable energy projects in the Philippines and the broader ASEAN region.
“We are looking at land in Concepcion, Iloilo. That’s our first project with them… hopefully for GEA-6,” MGen president Emmanuel Rubio said.
Rubio said MGen is conducting due diligence for around 120 hectares of land for the solar project, with construction expected to begin in the next six to eight months.
He noted there is no offtaker in the Visayas for that large a solar capacity, adding, “so we’re open to GEA-6.”
Rubio said discussions are ongoing with ACWA for the partnership but stressed that “the value that ACWA will bring is their experience and their relationship with established EPCs [engineering, procurement and construction].”
“Hopefully they can make this project very competitive,” Rubio said.
ACWA Power is a leader in energy transition and a first mover in green hydrogen.
Under the agreement, ACWA Power and MGen will collaborate to jointly develop renewable energy projects, particularly in solar energy.
This partnership combines ACWA Power’s global leadership, with 78.8 gigawatts of capacity including record solar tariffs, and MGen’s Philippine expertise across over 5,000 MW of diversified assets.
“This agreement represents our entry into the Philippines, in partnership with MGen, which marks a major milestone in ACWA Power’s expansion across Southeast Asia. This collaboration combines our global expertise in renewable energy with MGen’s local knowledge, enabling us to deliver reliable, affordable, and sustainable power solutions that support the country’s shift towards a low-carbon future,” Thomas Brostrom, ACWA Power chief investment officer, said.
The companies aim to advance utility-scale renewable projects to accelerate the Philippines’ energy transition and ASEAN’s sustainable development.
Dennis Jordan, president of Meralco Renewable Energy Inc. said the partnership is not only a testament to MGreen’s commitment to scaling up clean energy projects, but also a strategic move to lean on the expertise of ACWA Power.
“We are optimistic that this collaboration will help us in identifying and realizing impactful renewable projects,” Jordan said.
