Manila: Pangilinan-led Manila Electric Company (Meralco), its power generation arm Meralco PowerGen Corp. (MGEN), and Vietnam-based VinEnergo Energy Joint Stock Company have signed a memorandum of understanding (MOU) to explore a renewable energy-based solution capable of delivering up to 5 gigawatts (GW) of baseload-equivalent capacity.
According to Philippines News Agency, the MOU, signed Monday, aims to assess large-scale renewable energy and storage projects that could help address the Philippines' growing power demand while strengthening long-term energy security, Meralco said in a statement Tuesday. Under the MOU, the parties will identify potential areas of cooperation in power generation development, energy security, system adequacy, and the deployment of emerging energy technologies.
The agreement establishes a non-binding framework for discussions and studies supporting the country's long-term power system development goals. Meralco mentioned that the proposed 5-GW baseload-equivalent capacity could require the deployment of about 25 GW of integrated renewable energy and energy storage systems. The collaboration intends to solidify renewable energy as a potential baseload equivalent solution to the growing energy demands of the country.
The agreement also includes the possible development of electric vehicle (EV) charging infrastructure for residential, commercial, and fleet users. MGEN President and Chief Executive Officer Emmanuel Rubio stated that the company remains committed to pursuing opportunities that support a more reliable, affordable, and sustainable energy future. Through this MOU, they look forward to assessing how large-scale renewable energy, storage, and related infrastructure can contribute to the country's evolving energy requirements.
VinEnergo General Director Nguyen Anh Khoa highlighted the partnership's shared commitment to advancing clean energy and enhancing long-term energy security. He also expressed interest in exploring broader opportunities for collaboration between Meralco, MGEN, VinEnergo, and the Vingroup ecosystem to create lasting value for communities.
Meralco Executive Vice President and Chief Operating Officer Ronnie Aperocho emphasized that achieving energy security requires cooperation across the industry. He mentioned that it requires a whole-of-industry approach and meaningful collaboration to advance innovative and scalable solutions that will accelerate the country's transition to cleaner energy while ensuring dependable power supply. Through this partnership with MGEN and VinEnergo, they aim to leverage their capabilities and expertise to pursue opportunities that create transformative value, build a more resilient energy sector, and help achieve the country's long-term energy security goals.
