Actis has completed its acquisition of a 40-percent stake in Meralco PowerGen Corp. (MGen)’s P200-billion solar facility in Luzon. INQUIRER FILE PHOTO
MANILA, Philippines — The power generation arm of Manila Electric Co. (Meralco) is strengthening its renewable energy buildup not just in the local market but across Southeast Asia, as it has joined forces with Saudi Arabia-based ACWA Power.
Top executives Meralco PowerGen Corp. and ACWA Power sealed the pact to explore and develop renewable energy projects, particularly solar facilities, on the sidelines of the Asean Summit in Kuala Lumpur, Malaysia.
ACWA Power claims to be the world’s largest private water desalination firm and a leader in energy transition, given its 78.7 gigawatts of capacity.
Global expertise
MGen president and chief executive officer Emmanuel Rubio said the agreement would boost the company’s goal “to become the largest energy company in the Philippines and even beyond…”
“This partnership marks a notable step forward in our goal to expand MGEN’s renewable energy footprint by leveraging ACWA Power’s global expertise and cost leadership in solar PV development,” Rubio was quoted as saying in a statement Wednesday.
READ: Meralco’s MGen sees firing up additional 100-MW capacity in Singapore
MGen has a net saleable capacity of 4,953.3 megawatts across its diversified portfolio in the Philippines and Singapore as of end-March.
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