President Ferdinand Marcos Jr. extolled the MVP Group for investing in its Meralco Terra Solar Project in Nueva Ecija, coming at a time when the need to boost the country’s energy sector is more urgent.

“For years, our economy has relied heavily on conventional sources of power. Last year alone, coal accounted for 57 percent of the total power generation mix in our country, while renewables contributed only about 25 percent,” he said during the inauguration of the Terra Solar Main Collector Substation in Gapan City, Nueva Ecija on Tuesday.

The President stressed that such an energy mix leaves the country more vulnerable to fluctuations in global fuel prices and developments in the international market, “as we have experienced in the last few months, and it underscores the importance of diversifying our energy sources and how we must be committed to moving that mix in the direction of favoring renewables.”

Accelerate new RE facilities

“Recognizing this challenge, this Administration has worked closely with our partners to accelerate the development of new RE facilities. This MTerra Solar Project stands as one of the clearest expressions of that commitment,” he said.

Upon completion of both phases, the facility will be capable of delivering up to 3,500 megawatts peak of solar power to the Luzon grid, as it is supported by 4,500 megawatt-hours of battery storage capacity.

The President further stressed that the project’s capabilities will help strengthen the stability of the country’s power system while expanding the role of clean energy in our power generation mix.

Felt in the daily lives of people

“Equally importantly, its impact will be felt in the daily lives of our people. Once fully operational, we expect this project to energize more than 2.4 million Filipino households while reducing carbon emissions by around 4.3 million metric tons a year. Its contribution extends well beyond power generation alone. Over the next decade, the project is projected to generate nearly 23 billion pesos in financial benefits, while providing increased tax revenues and financial assistance to its host communities,” the President explained.