OMNI Features｜Manila Electric Company MGEN to offer 1,500 MW by 2030．Japanese RE Firm Renova to Invest in U.S. RE and Grid Storage Industry

Meralco's BulacanSol solar power plant in San Miguel
(Photo source: MGEN)

｜Manila Electric Company MGEN to offer 1,500 MW by 2030
MGEN said it aimed to strengthen its renewable energy (RE) expansion to power the country using a greener energy option. MERALCO is dedicated to carrying out an investment worth Php 18 billion for its RE portfolio, which would encompass capacities from solar and wind.

The ongoing projects consist of the BulacanSol solar project in San Miguel, Bulacan, providing 55 MW; the Nuevo Solar Energy Corporation in Currimao, Ilocos Norte, contributing 68 MW; and the PH Renewables Inc. solar project in Baras, Rizal, offering 75 MW. Apart from that, MGEN and Solar Philippines have joined forces in the development of 4,000 MWh of battery storage and 3,500 MW of solar power in Luzon [1].

｜Japanese Renewable Energy Firm, Renova, to Invest in U.S. Renewable Energy and Grid Storage Industry
On January 12th, Japanese renewable energy company Renova announced an agreement with Pathway Power to underwrite $25 million worth of convertible bonds for Pathway Power's solar and grid storage operations in the United States. Renova's investment stake is approximately 25%.

Established in 2022, Pathway Power is actively engaged in the development of renewable energy and battery businesses, with a total capacity exceeding 4 GW. Renova stated that, based on Pathway Power's strengths, project development track record, and shared values and vision, the convertible bonds can be converted into common stock three years after the contract is signed. Additionally, under certain conditions, Renova will have the right to acquire a 49% stake in individual Pathway Power projects (up to 1 GW) at that time.

Note: [1] Luzon is the largest and most populous island in the Philippines and is home to the country's capital city, Manila.
Reference: powerphilippines｜NikkeiBP