MERALCO POWERGEN Corp. (MGEN) and Saudi Arabia-based ACWA Power are moving forward with a planned 125-megawatt (MW) solar project in Concepcion, Iloilo in central Philippines, marking the first venture under their partnership.
“We are looking at a land (parcel) in Concepcion, Iloilo,” MGEN President and Chief Executive Officer Emmanuel V. Rubio told reporters last week. “That’s our first project with them.”
He said the project would rise on a 120-hectare site and would serve as the companies’ initial joint renewable energy development after a strategic agreement signed in mid-2025.
The deal covers collaboration on solar projects in the Philippines and the wider Southeast Asian region.
To secure offtake for the plant’s output once operational, MGEN is considering joining the government’s green energy auction, which awards long-term supply contracts through competitive bidding.
ACWA Power, a major global developer and operator of renewable energy and green hydrogen projects, is expected to contribute its experience and long-standing ties with leading engineering and construction companies.
The company has a portfolio of 78.8 gigawatts of capacity worldwide, including projects known for record-low solar tariffs.
“The value that ACWA will bring is their experience and their relationship with established EPCs (engineering, procurement, construction),” Mr. Rubio said. “Hopefully, they can make this project very competitive.”
MGEN, the power generation arm of Manila Electric Co. (Meralco), has more than 5,068 MW of net sellable capacity across conventional and renewable energy assets.
Meralco’s parent company, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., under the PLDT Beneficial Trust Fund’s MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group. — Sheldeen Joy Talavera
