by Myrna Velasco – December 21, 2015
from Manila Bulletin
With its planned new renewable energy subsidiary MSpectrum, parent firm Manila Electric Company (Meralco) is casting on blueprint solar investment portfolio of 100 megawatts in three years – mainly via rooftop installations.
This was indicated to the media by Meralco President Oscar S. Reyes, with capital outlay timeframe anticipating ramped up around first half of next year.
“We still don’t have firm target. But maybe over three years, aspirational is 100 megawatts,” he said.
He added that targeted installations will be for commercial and industrial end-users within the franchise area of Meralco.
Reyes added their RE group is now at “development stage” when it comes to identifying project prospects.
“Initially, it will be within our franchise area, without prejudice of going into other areas for rooftop solar,” he said.
The RE investment arm of Meralco though will not just limit itself to solar developments as it plans to equally look at wind farm project opportunities.
“We can look at solar and wind, but focus will initially be solar, Wind will remain with Meralco PowerGen because it’s big scale,” Reyes has expounded.
Meralco PowerGen is the major power generating unit of the utility of which current main focus is on baseload power projects – fundamentally underpinned by coal technology developments.
The plan of Meralco to set up a new corporate vehicle for its RE portfolio has long been hinted by its chairman Manuel V. Pangilinan – noting then that they have already scouted an executive to manage it.
“We will put up a unit – called MSpectrum, another unit of Meralco,” Reyes has reiterated to reporters in last week’s lunch briefing.
The utility firm has noted that it would want to join the RE development bandwagon in the country and will also be playing a key role on that sphere.