MGen Accelerates Renewable Energy Expansion, Aiming to Exceed 1.5 GW Target Before 2030 with MTerra Solar Project

MGen, the power generation arm of Manila Electric Co. (Meralco), is poised to surpass its initial target of 1,500 MW of renewable energy capacity by 2030, driven by a strong project pipeline. MGen Renewable Energy Inc. (MGreen) reported a net sellable capacity of 344.5 MW as of February. A significant boost is expected from the MTerra Solar project in Central Luzon, a $4 billion investment slated for completion in 2027. The first phase is scheduled for completion in Q1 2026. MTerra Solar, located in Nueva Ecija and Bulacan, will be the largest integrated solar and battery storage facility. MGen is also expanding its baseload portfolio, including a 600-MW gas plant in Singapore targeted for commercial operations by 2029 and a $3.3 billion liquefied natural gas deal in the Philippines. In 2024, MGen delivered 15,296 gigawatt-hours of power, a 7% year-on-year increase.