MSpectrum expands solar push with Japan JV
Meralco’s solar subsidiary, MSpectrum has partnered with Japan’s Tokyo Century Corporation and JFE Engineering Corporation to put up MSpectrum Taiyo Inc., a joint venture that will develop, own, and operate rooftop and ground-mounted solar projects, initially targeting Japanese companies operating in the Philippines.
MSPECTRUM, Meralco subsidiary involved in solar projects, along with its Japanese partners, have established MSpectrum Taiyo Corp. to deliver larger and more scalable solar solutions to commercial and industrial customers.
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MSpectrum Inc., the solar subsidiary of Manila Electric Co. (Meralco), is expanding its commercial and industrial solar business after teaming up with Japan’s Tokyo Century Corporation (TC) and JFE Engineering Corporation (JFEE) to roll out solar projects for local industrial customers.
The company said Thursday that the firms have formed MSpectrum Taiyo Inc., a joint venture that will develop, own, and operate rooftop and ground-mounted solar projects, initially targeting Japanese companies operating in the Philippines.
MSpectrum will own 60 percent of the venture, while TC and JFEE will hold 30 percent and 10 percent, respectively.
Scalable solar solutions
Meralco chairman and chief executive officer Manuel V. Pangilinan said the partnership would enable the company to deliver larger and more scalable solar solutions to commercial and industrial customers.
“It is this combination of strengths that allows us to deliver more reliable, more efficient and more scalable solar solutions to commercial and industrial customers in the Philippines — helping businesses become more productive, more competitive, and better prepared for the future,” Pangilinan said.
The venture builds on the companies’ collaboration under Japan’s Joint Crediting Mechanism program, which supported several solar power purchase agreement projects implemented between 2019 and 2021.
Important priority
“In the Philippines, rapid economic growth has led to rising electricity demand and an urgent need for renewable energy. Introducing clean energy while reducing costs has become an important priority for many Japanese companies operating in the country.
Through MSpectrum Taiyo, we aim to provide reliable and sustainable solar solutions that help address these needs,” TC senior managing executive officer and Global Business Unit president Toshio Kitamura said.
JFEE will contribute its engineering expertise, including experience in developing more than 100 megawatts of solar PPA projects in Japan, alongside its existing infrastructure operations in the country.