THE MANILA Electric Company (Meralco) announced on Sunday an investment plan of over P100 billion through 2030, mainly to fund critical projects under its long-term sustainability strategy.
“[The company] commits over P100 billion in capital expenditures to initiatives that not only enhance our infrastructure but also align with the government’s vision for a sustainable future,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said in an e-mailed statement to reporters.
The capital injection will fund “critical projects” to improve Meralco’s distribution network, the company said.
The objective is to make the distribution network “smarter and more resilient in the face of the increasing challenges posed by climate change,” the power distributor also said.
“Key initiatives include enhancing grid reliability, reducing system loss, transitioning to natural ester oil for distribution transformers, implementing energy efficiency solutions, and expanding electric vehicle fleets and infrastructure,” Meralco added.
The company said that its long-term sustainability strategy aims to reduce total emissions by 20% by 2030, encompassing both direct emissions from on-site activities and indirect emissions from power supply procurement.
Meralco is also expanding its renewable energy efforts with MGen Renewable Energy, Inc. (MGreen), a subsidiary of Meralco PowerGen Corp., to fast-track solar and wind energy projects, it added.
“Core to our long-term sustainability strategy are twin commitments to secure 1,500 MW (megawatts) of renewable energy supply contracts and to develop 1,500 MW of attributable green energy generation capacity,” Meralco First Vice-President and Chief Sustainability Officer Raymond B. Ravelo said.
MGreen has invested P15.9 billion in SP New Energy Corp. (SPNEC) to develop solar and battery energy storage systems (BESS) projects.
SPNEC, through its subsidiary Terra Solar Philippines, Inc., is constructing what is said to be the world’s largest solar project, scheduled to be completed by 2027.
The P200-billion Terra Solar project in Nueva Ecija and Bulacan consists of 3,500 MW of solar panels and 4,000 megawatt-hours of BESS.
Manuel V. Pangilinan, chairman and chief executive officer of Meralco, said that the company aims to “accelerate its transition to green energy” by leveraging “next-generation technologies” such as nuclear energy and BESS.
“As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality healthcare, dignified livelihoods, and disaster preparedness — all in alignment with the United Nations’ Sustainable Development Goals,” he said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
