MERALCO POWERGEN CORP. (MGen), the power generation subsidiary of Manila Electric Co. (Meralco), has entered into a partnership with Saudi Arabia-based energy developer ACWA Power to jointly explore solar power development opportunities in the Philippines and across Southeast Asia.
“This partnership marks a notable step forward in our goal to expand MGen’s renewable energy footprint by leveraging ACWA Power’s global expertise and cost leadership in solar PV (photovoltaic) development,” MGen President and Chief Executive Officer Emmanuel V. Rubio said in a media release on Wednesday.
The partnership was formalized on the sidelines of the ASEAN Summit in Kuala Lumpur, Malaysia, reinforcing both companies’ commitment to advancing clean and sustainable energy solutions.
Under the agreement, ACWA Power and MGen plan to jointly develop renewable energy projects, particularly solar.
“This agreement represents our entry into the Philippines, in partnership with MGen, which marks a major milestone in ACWA Power’s expansion across Southeast Asia,” ACWA Power Chief Investment Officer Thomas Brostrom said.
“This collaboration combines our global expertise in renewable energy with MGen’s local knowledge, enabling us to deliver reliable, affordable, and sustainable power solutions that support the country’s shift towards a low-carbon future,” he added.
ACWA Power operates as a developer, investor, and operator in renewable energy and green hydrogen, and is also the world’s largest private water desalination company.
As of 2025, the company’s portfolio includes 78.8 gigawatts (GW) of capacity, including projects with record-low solar tariffs.
MGen, for its part, has a combined net sellable capacity of 4,953 megawatts from both conventional and renewable energy sources as of March 2025.
Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc., is partially owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera