Meralco PowerGen Corp. (MGEN) and Vietnam-based VinEnergo Energy Joint Stock Company are exploring renewable energy solutions that could deliver up to 5 gigawatts (GW) of baseload-equivalent capacity to support the country's growing power needs.

The Pangilinan-led firm said Tuesday the initiative may involve the deployment of a larger 25 GW of integrated renewable energy and energy storage capacity, potentially establishing renewables as a dependable 24/7 power source while reducing reliance on conventional generation.

“MGEN continues to pursue opportunities that will enable a more reliable, affordable, and sustainable energy future.

Through this MOU, we look forward to assessing how large-scale renewable energy, storage, and related infrastructure can contribute to the country’s evolving energy requirements,” MGEN President and CEO Emmanuel V. Rubio said.

VinEnergo, meanwhile, said it will leverage its expertise in energy development and infrastructure to move the partnership forward. 

“We are pleased to partner with Meralco and MGEN to explore innovative solutions in building baseload-equivalent renewable energy solutions that can support the Philippines’ growing energy needs and sustainability goals,” said Nguyen Anh Khoa, VinEnergo General Director.

“This partnership reflects our shared commitment to advancing clean energy and strengthening long-term energy security. We also look forward to exploring broader opportunities for collaboration between Meralco, MGEN, VinEnergo, and the Vingroup ecosystem to create lasting value for the communities we serve.” 

The companies are also exploring opportunities in electric vehicle (EV) charging infrastructure, including residential, commercial, and fleet charging solutions, to identify operational and commercial strategies to support the local EV adoption. 

While the agreement remains in the exploratory stage, MGEN clarified that any projects or investments arising from the study will be subject to further evaluation, regulatory approvals, and separate agreements.