MGEN, Vietnamese firm eye 25,000-MW pipeline

MANILA, Philippines – The power-generation arm of Manila Electric Co. eyes a stronger grip in the renewable energy market with a target of 25,000 megawatts (MW) of capacity through a tie-up with Vietnam’s VinEnergo Energy.

Meralco PowerGen Corp. (MGEN) said it had signed a memorandum of understanding with VinEnergo to explore efforts in realizing energy security, particularly focused on the Philippines’ shift to clean electricity.

READ: SunAsia, VinEnergo earmark $406M for floating solar projects

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The firing up of 25,000 MW of integrated renewable energy and storage system capacity is envisioned to provide the local market with up to 5,000 MW of baseload equivalent capacity.

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This, as the groups seek to cement renewable energy sources’ position as a “baseload equivalent solution” to the increasing electricity demand.

To recall, the Department of Energy issued an order mandating developers to equip their solar and wind farms with energy storage systems. This technology allows producers to store excess power output and release it when demand peaks.

Variable renewable energy includes wind and solar, as the power they generate depends on environmental conditions.

“MGEN continues to pursue opportunities that will enable a more reliable, affordable and sustainable energy future,” MGEN president and CEO Emmanuel Rubio said in a statement on Tuesday.

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“Through this MOU, we look forward to assessing how large-scale renewable energy, storage, and related infrastructure can contribute to the country’s evolving energy requirements,” Rubio added.

READ: Meralco PowerGen eyes green power auctions

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Beyond the deployment of renewable energy assets, both parties have also agreed to explore opportunities in the electric vehicle front, especially charging networks for residential and commercial.

“We also look forward to exploring broader opportunities for collaboration between Meralco, MGEN, VinEnergo and the Vingroup ecosystem to create lasting value for the communities we serve,” said Nguyen Anh Khoa, general director of VinEnergo. INQ

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