The project, which could potentially be the largest of its kind in the world, entails the development of 3,500 megawatts or MW of solar panels and 4,000 MW-hours of battery energy storage systems in Luzon
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Manila Electric Co., or Meralco, through its renewable energy arm, is investing P200 billion to bring into life the Leviste-led SP New Energy Corp. or SPNEC's massive battery energy storage system and solar power project.
The project, which could potentially be the largest of its kind in the world, entails the development of 3,500 megawatts or MW of solar panels and 4,000 MW-hours of battery energy storage systems in Luzon.
Battery element
"There is a battery element as part of the total project itself. So, with the batteries, the estimated cost is around P200 billion," Meralco chairman Manuel V. Pangilinan said in an interview with reporters on Monday.
According to Pangilinan, the company is targeting to secure funding for the project before the end of the year so it can proceed with the construction.
"(The project) should be able to energize sometime in the first quarter of 2026 — the first 600 megawatts out of 850 MW. Something should happen very quickly. There's not only the plants but also the batteries but also the transmission," he explained.
MGreen's acquisition of SPNEC shares
Meralco, through its subsidiary MGen Renewable Energy Inc. or MGreen, had initially invested P15.9 billion to acquire SPNEC shares.
The move formed part of MGreen's goal of ramping up its attributable renewable energy capacity to 1,500 MW with investments in more and larger green energy projects, including those with battery energy storage systems.
The transaction included 15.7 billion common shares and 19.4 billion redeemable preferred voting shares in SPNEC. Once completed, the deal would give MGreen the right to 50.5 percent of the voting shares in SPNEC.
Pangilinan noted that his company's investments also support the Department of Energy's goal to integrate about 35 percent renewable energy into the country's energy mix by 2030.
Meanwhile, SPNEC has committed to file its application for an increase in authorized capital stock to enable Meralco's acquisition.
