Meralco PowerGen Corp. is spending an initial P1 billion this year for the construction of its 73-megawatt Toledo coal plant in Cebu.
MGen president Emmanuel Rubio said the bulk of the company’s capital expenditure next year would be allocated to the Toledo facility, which has a total estimated project cost of $150 million.
“Most of the capex… would be for Toledo, which we expect to break ground by the first quarter next year,” Rubio said.
Rubio previously said the company is working with an engineering, procurement and construction contractor for the plant but has not yet signed a contract. He expects the facility, located in Daanglungsod, Toledo City, to be completed by 2028. It is being developed by MGen unit Toledo Power Co.
Rubio said the plant’s output will be purchased by MGen’s retail electricity supplier for the retail market.
In addition to the Toledo project, MGen is developing a 1,200-megawatt ultra-supercritical coal plant in Quezon province through its unit Atimonan One Energy Inc.
As of July 2025, MGen had a combined net sellable capacity of 5,068 MW from traditional and renewable sources. The company plans to double this capacity to 10,346 MW by 2030.
Its main subsidiaries include Global Business Power, MGen Renewable Energy Inc. and MGen Gas Energy Holdings Inc. MGen also holds stakes in PacificLight Power, an LNG facility in Singapore, and SP New Energy Corp. Additionally, the company has invested in a 40.2 percent stake in an integrated liquefied natural gas facility in Batangas.
