Meralco PowerGen Corporation (MGEN) is making significant strides in the country’s clean energy transition, driven by the launch of the Philippines’ largest renewable energy project and a robust financial performance in 2024.
MGEN reported a consolidated core net income of PHP 10.9 billion in 2024, attributed to operational efficiency and strategic involvement in the co-optimized energy and ancillary services market, particularly within the Visayas grid. The company closed the year with a net sellable capacity of 2,436 MW across the Philippines and Singapore, generating 15,296 GWh, a 7% year-on-year increase.
A major highlight was the MTerra Solar Project, officially launched in November 2024. Positioned as the largest clean energy project in Philippine history, the solar facility spans 3,500 hectares in Nueva Ecija and Bulacan, and will deliver 3,500 MWp of solar power and 4,500 MWh of battery storage. It is expected to supply clean electricity to approximately 2.4 million households, displacing around 4.3 million tons of carbon dioxide annually.
The project has received strong national and international support. It has been certified as an Energy Project of National Significance by the Department of Energy and granted Green Lane Certification by the Board of Investments. Its financing includes a PHP 150 billion omnibus loan from six local banks and a USD 600 million equity investment by UK-based private equity firm Actis—considered the largest greenfield infrastructure investment in the Philippines to date.
As of April 2025, 42% of construction has been completed. The first phase is scheduled to begin operations by early 2026, with the second phase expected by early 2027.
MGEN also expanded its renewable energy portfolio with the commissioning of three new solar plants in Nueva Ecija, Isabela, and Rizal, contributing a combined capacity of 152.7 MWac. A 450 MW solar plant in Pangasinan is slated to go online in 2026. With these additions, MGEN is on track to surpass its 1,500 MW renewable energy target by 2027, ahead of schedule.
In the natural gas sector, MGEN—through Chromite Gas Holdings—now holds significant equity in two LNG-fired power plants and an LNG import terminal in Luzon. In Singapore, its subsidiary PacificLight Power is developing a 600 MW hydrogen-ready gas plant, targeted for commissioning in 2029.
“MGEN is not just building power plants—we’re building a legacy,” said Rubio, emphasizing the company’s long-term commitment to sustainable and secure energy.
MGEN’s advancements mark a major milestone in the Philippines’ journey toward clean energy and energy security, aligning with national goals for a low-carbon future.
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