MGen seals 2 power supply deals with new retailer
MANILA, Philippines – The power generation unit of Manila Electric Co. has sealed two supply deals with EvoEnergi Inc., expanding its retail electricity market reach.
Meralco PowerGen Corp. (MGen) said on Tuesday the agreements with the retail electricity supplier were inked through its thermal and renewable energy units, MThermal and MGreen.
The contract covers enough supply for the needs of 62,000 households.
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Emmanuel Rubio, president and chief executive officer of MGen, said in a statement the new pacts highlight MGen’s diverse energy assets.
“By combining conventional and renewable sources, we are helping meet the evolving needs of the retail electricity market while supporting the country’s transition to a cleaner and more secure energy future,” Rubio said.
EvoEnergi is an affiliate of D&L Industries, Inc., a listed firm focused on the production of food ingredients and oleochemicals.
The company has also begun implementing the retail aggregation program. This allows multiple consumers who share a common area to pool their demand. A group of consumers need to represent at least 500 kilowatts of demand in order to qualify for more competitive pricing.
“With our expanding customer base, this partnership provides access to a more diversified and sustainable energy supply. It solidifies our shared commitment to sustainability …,” said Alvin Lao, president and CEO of D&L Industries.
Growing portfolio
As of May, MGen has under its belt 4,953.3 megawatts (MW) of capacity across its diversified portfolio in the Philippines and Singapore.
The group is also behind the massive solar farm in Luzon. It is expected to become the world’s largest solar facility once it becomes fully operational by 2027.
The project, with a budget of about P200 billion, will have 3,500 MW of total capacity. This will be combined with a 4,500 megawatt-hour battery energy storage system.
Earlier this month, MGen also bared its agreement with Saudi Arabia-based ACWA Power. This would give it a boost to build up its renewable energy portfolio across Southeast Asia.
