MGen Renewable Energy Inc. expects to complete two solar power projects with a total capacity of 140 megawatts in the first quarter.
MGreen, a wholly-owned renewable energy unit of Meralco PowerGen Corp., the power arm of Manila Electric Co., is constructing a 75-MW solar plant in Baras, Rizal through PH Renewables Inc., a joint venture with Mitsui’s local unit MitRenewables Philippine Corp.
It is also building a 68-MW solar facility in Ilocos Norte in partnership with Vena Energy.
“These two projects are set to commence operations within the first quarter of 2023,” Meralco said.
MGen contributed P5.5 billion to Meralco’s consolidated core net income in 2022, higher than P1.2 billion in 2021, driven by the earnings of Singapore-based PacificLight Power Pte. Ltd.
MGen has a total power generation capacity of 2,251 MW in the Philippines and Singapore.
PacificLight’s CCNI reached S$305 million (P12.1 billion) as of end-December, a significant increase from the S$9.2-million (P2.2 billion) net income in 2021.
Meralco attributed this to higher margins on spot prices which averaged S$168.9 per megawatt hour and the 2-percent growth in demand.
PacificLight’s 800-MW liquefied natural gas facility in Jurong Island in Singapore delivered 5,619 gigawatt-hours of energy in 2022.
MGen has combined direct and indirect interest of 58 percent in PacificLight. It set its sights on building 1,500 MW of renewable energy projects.
Meanwhile, San Buenaventura Power Ltd. Co.’s 455 MW supercritical coal-fired plant in Mauban, Quezon, delivered 2,765 GWh of energy with an average plant availability of 87.9 percent in 2022.
SBPL posted a CCNI of P3.5 billion last year. SBPL power plant is a partnership between MGen and New Growth BV, a wholly-owned subsidiary of the Electricity Generating Co. of Thailand. The projects started commercial operations in September 2019.
PowerSource First Bulacan Solar Inc.’s 50-MW power plant in San Miguel, Bulacan had an average plant availability of 97.8 percent and delivered 112 GWh to Meralco under a 20-year ERC-approved PSA. CCNI was at P227.6 million.
MGreen owns a 51-percent equity stake in Bulacansol, which commenced operations in May 2021.