Meralco PowerGen Corp. (MGEN), Manila Electric Co.'s generation arm, and Korea Electric Power Corporation (KEPCO) want to diversify the local clean power portfolio by pursuing more renewable energy ventures, including wind and energy storage systems.

The Pangilinan-led firm said on Thursday that the move was formalized with the signing of a Deed of Accession and Amendment that allowed MGEN subsidiary SP New Energy Corp. to join KEPCO as a shareholder in the 63.3-megawatt peak Calatagan Solar Farm in Batangas, replacing Solar Philippines Power Project Holdings, Inc.

MGEN President & CEO Emmanuel V. Rubio said the partnership supports the company’s plan to advance long-term sustainability goals.

“Our strengthened partnership with KEPCO underscores MGEN’s commitment to advancing clean energy and supporting the country’s sustainability goals,” Rubio said. 

“By working hand in hand, we aim to not only ensure the continued success of the Calatagan Solar Farm but also unlock new opportunities for innovation and growth in the Philippine energy sector,” he added.

Meanwhile, KEPCO Philippines Holdings, Inc. President & CEO Jeon Yongsu said the agreement will help accelerate local renewable energy development while setting a benchmark for strategic energy partnerships across Asia.

The latest deal builds on earlier initiatives between KEPCO and the One Meralco Group, including a memorandum of understanding signed in February to explore collaboration in nuclear energy, smart grids, microgrids, electric vehicles, and advanced metering infrastructure