MANILA Electric Co. (Meralco) on Tuesday said that it had signed a memorandum of understanding (MOU) with unit Meralco PowerGen Corp. (MGEN) and Vietnam-based VinEnergo Energy Joint Stock Co. to roll out more renewable energy projects in the Philippines.
The companies agreed to explore the deployment of renewable energy-based solutions capable of delivering approximately 25 gigawatts of electricity energy and storage capacity.
“Through this memorandum, we look forward to assessing how large-scale renewable energy, storage and related infrastructure can contribute to the country’s evolving energy requirements,” MGEN President and CEO Emmanue Rubio said.
The companies will also looking into opportunities related to electric vehicle charging infrastructure as well as approaches that could support the adoption of electric vehicles in the Philippines.
“We are pleased to partner with Meralco and MGEN to explore innovative solutions in building renewable energy solutions that can support the Philippines’ growing energy needs and sustainability goals,” VinEnergo General Director Nguyen Anh Khoa said.
“This partnership reflects our shared commitment to advancing clean energy and strengthening long-term energy security,” he added.
“We also look forward to exploring broader opportunities for collaboration between Meralco, MGEN, VinEnergo and the Vingroup ecosystem to create lasting value for the communities we serve.”
Meralco explained that the MOU would serve as a framework for discussions and the exploration of potential opportunities. Future projects or investments will still need to be evaluated separately and be subject to separate agreements, regulatory requirements and the results of assessments.
“With this partnership... we will leverage on our respective capabilities and expertise to pursue opportunities that create transformative value, build a more resilient energy sector, help achieve the country’s long-term energy security goals and contribute meaningfully to nation-building,” Meralco Executive Vice President and Chief Operating Officer Ronnie Aperocho said.
Meralco’s share price added P2.00, or 0.35 percent, to close at P580 apiece on Tuesday.
