Manila Electric Co. will consider renewable energy investments to help build its power-plant portfolio as the Philippines’ largest electricity retailer makes a renewed push into generation after an absence of four decades.
The undertaking “is intended to be done by a separate business unit that will evaluate renewable projects and other emerging technologies on power generation and storage,” Manila Electric, popularly known as Meralco, said in a stock exchange filing. Details weren’t provided.
The Philippine Star newspaper reported Wednesday that Meralco will form a unit that will handle renewable energy projects, citing Chairman Manuel Pangilinan.
The century-old utility is returning to power generation by building about 3,000 megawatts of capacity as supply in the Southeast Asian nation becomes increasingly tight, President Oscar Reyes said in a June 2014 interview.