By Louis Neil | Insider Invoice
PowerSource First Bulacan Solar Inc. (PSFBSI) is now delivering electricity to Manila Electric Co. (Meralco) through its 50-megawatt P4.25 billion solar farm in San Miguel, Bulacan.
Meralco officials said the project called BulacanSol, in which they have a 60 percent stake through MGen Renewable Energy Inc. (MGreen), is just the first of a 1,500 MW renewable energy portfolio that they intended to build.
Long term sustainability
MGreen’s joint venture partner in BulacanSol is Makati City-based PowerSource Energy Holdings Corp., which owns 40 percent of PSFBSI.
Meralco president Manuel V. Pangilinan said in a statement that while BulacanSol “is a modest endeavor” in renewable energy, the project played an important role in the Meralco group’s long-term sustainability agenda.
“We look forward to much more investment in renewables, particularly solar, as we try to achieve that balance in fuel supply, which will ultimately be biased towards renewables,” Pangilinan said.
Ray C. Espinosa, president and CEO of Meralco, recalled that the distribution giant announced for the first time in June 2019 that it would join the shift to renewable energy and adopt sustainable practices for the entire group.
“Y [now], we built the first renewable energy plant, the first of several that One Meralco has prepared for investment and supply ”, said Espinosa.
Rogelio L. Singson, president of PSFBSI and president and CEO of MGreen, said they would build more environmentally conscious projects as part of a commitment to a sustainable energy transition for future generations.
“As MGreen’s first operational project, BulacanSol is a very important milestone that prompts us to aggressively pursue more projects that will help us achieve our goal of building a renewable energy portfolio with a capacity of up to 1,500 MW in the next five to seven. years, ”said Singson, who is also president and CEO of MGreen’s parent company, Meralco Powergen Corp.