MSPECTRUM Inc., the solar energy subsidiary of Manila Electric Co. (Meralco), has partnered with two Japanese firms to expand solar power solutions for industrial facilities in the Philippines.
The company on Thursday said it had formed a joint venture with Tokyo Century Corp. and JFE Engineering Corp. to develop, own and operate rooftop and ground-mounted solar projects for commercial and industrial customers.
The partnership established MSpectrum Taiyo Inc., with MSpectrum holding a 60-percent stake and Tokyo Century and JFE Engineering owning 30 percent and 10 percent, respectively.
The venture expects to focus on Japanese enterprises operating in the Philippines, a segment said to be increasingly looking to meet sustainability targets while managing rising power costs.
"Beyond supporting the growth of our organizations, this partnership aims to contribute to the country's broader energy transition by expanding access to clean and reliable energy solutions, helping businesses manage energy costs, reduce carbon emissions, and enhance their long-term competitiveness," MSpectrum Chairman Ronnie Aperocho said.
The collaboration builds on a relationship that began in 2018 through Japan's Joint Crediting Mechanism program, which supported several solar power purchase agreement projects implemented in the Philippines between 2019 and 2021.
Toshio Kitamura, Tokyo Century senior managing executive officer and global business unit president, said demand for renewable energy was continuing to grow as electricity consumption rises alongside economic expansion.
"Introducing clean energy while reducing costs has become an important priority for many Japanese companies operating in the country," Kitamura also said.
"Through MSpectrum Taiyo, we aim to provide reliable and sustainable solar solutions that help address these needs."
JFE Engineering, which has developed more than 100 megawatts of solar power purchase agreement projects in Japan, will contribute engineering and renewable energy expertise.
"This joint venture will provide clean energy to Japanese companies operating in the Philippines through solar PPA solutions," said Atsushi Kobayashi, JFE Engineering managing director and head of the power business division.
"As demand for carbon neutrality continues to grow, we believe this collaboration will help businesses achieve their sustainability goals," he added.
Meralco Chairman and CEO Manuel Pangilinan said the partnership combined the strengths of the three companies in energy, financing and engineering.
"It is this combination of strengths that allows us to deliver more reliable, more efficient, and more scalable solar solutions to commercial and industrial customers in the Philippines," he said.
Meralco shares on Thursday rose P1.00, or 0.17 percent, to close at P574.00 each. NAZYLEN JOY MABANGLO
