When Dennis Jordan talks about renewable energy, he doesn’t sound like an executive listing targets and capacities. He speaks like someone who has watched a dream — long doubted, often delayed — finally start taking shape in front of him.

Jordan, the president and CEO of MGen Renewable Energy, the renewable arm of Meralco PowerGen, oversees what is poised to be one of the largest clean-energy transformations in our history.

And if his confidence is any indication, the future of the country’s power isn’t just bright. It’s solar-powered.

Terra Solar, MGEN Renewables' flagship project and the country’s largest single investment in solar energy, is backed by $600 million from global infrastructure investor Actis.

“When we energized the facility in February, it sent a message that projects of this scale can be executed — and delivered — by Filipinos,” Jordan said in an interview at StraightTalk, DAILY TRIBUNE’s online show. 

Beyond the capacity it delivers, the project proves something Jordan believes the world has long underestimated.

“It shows the capability of Filipinos to execute large-scale renewable projects,” he said. “This builds confidence — not just in MGEN Renewables, but in the country.”

MGEN Renewables' growth pipeline is unapologetically ambitious. Today, the company operates 400 megawatts of solar capacity. 

By 2030, that figure will balloon to nearly 3,000 megawatts — a sevenfold jump that will fundamentally reshape the company’s energy mix.

Jordan framed the shift through three pillars: availability, affordability, and sustainability, or the energy trilemma.

“We believe in a responsible movement into renewable energy,” he explained. “RE is clean, but it’s intermittent. So we continue to invest in baseload and LNG while scaling solar and battery energy storage.”

The strategy is measured, not reckless — ambition balanced by system reliability. 

Coal remains the lowest-cost baseload source, but its share in MGen’s portfolio is gradually being reduced. Liquefied natural gas (LNG), a cleaner transitional fuel, is seeing modest expansion to support grid stability during the shift. 

Even with this balanced approach, renewables are set to surge dramatically, rising from just 8 percent to 35 percent of parent MGen’s total energy mix by 2030.

This mirrors global trends but carries a distinctly local urgency, given the Philippines’ rising power demand — projected by the government to grow 5.2 percent annually — and the millions of homes still underserved or unserved.

Global geopolitical events, particularly in the Middle East and Iran, have caused LNG prices to spike by 40 to 50 percent, increasing electricity costs.

Coal prices also rose due to supply disruptions, such as the 2022 Indonesian coal embargo.

Equipment and logistics are significantly affected by elevated oil prices, impacting fuel-based transport and operations.

MGen maintains coal and LNG plants alongside renewables to ensure availability, affordability, and sustainability.

Balanced future

While solar and battery storage dominate MGEN Renewables' current buildout, the company is also exploring onshore wind, which Jordan described as “more palatable in terms of project risk.” Offshore wind, he noted, has mixed global results due to execution and maintenance challenges.

Still, he sees value in a future where the Philippines can integrate solar, battery, and onshore wind as strategic combinations.

Solar and battery are MGEN Renewables' primary growth areas with large-scale utility projects driving capacity expansion.

MGEN Renewables' has an interest in both onshore wind, which is more commercially viable and lower-risk, and offshore wind, which is higher-cost and presents operational challenges and regulatory complexities.

Offshore wind is still under careful evaluation due to issues like maintenance and right-of-way.

Geothermal is recognized as a promising renewable energy source, but it is a field challenged by declining steam availability and costly exploration, with private-sector involvement growing.

Affiliate Meralco has initiated a nuclear research program, sending engineers abroad for training in nuclear technology, particularly small modular reactors (SMRs), which are about 50 megawatts (MW) in capacity.

Regulatory, safety, and international oversight remain significant hurdles. Nuclear power is considered a future option to meet baseload demand.

“Around the world, that mix is becoming the sweet spot,” he says. “If we can find that mix here, it would be very good for the Philippines.”