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Manila Electric Company (Meralco)’s renewable energy arm plans to invest P200 billion to support the development of the Philippines’ largest solar power plant, to be built by businessman Leandro Leviste’s company. Funding will also be used for the development of battery energy storage systems (BESS) to ensure backup power is available at night and during shortages.
The chairman of Meralco said this is a large-scale project that has attracted great interest from foreign investors.
Meralco Renewable Energy Inc. (MGen Renewable Energy Inc.) acquired a majority stake in SP New Energy Corp. in a P15.9 billion stock subscription transaction. This makes MGen the controlling shareholder of SPNEC, which plans to use the funds to support the construction and expansion of SPNEC projects, including a 3,500MW solar farm and a 4,000MWh BESS in Luzon. The deal is expected to be completed before the end of the year, with SPNEC aiming to power the project with approximately 600MW of capacity by the first quarter of 2026.
(Source: inquirer Image source: freepik)
