Meralco subsidiary Spectrum eyes P500-m revenues in 2023

By Alena Mae S. Flores – December 11, 2023, 7:25 pm
from manilastandard.net

MSpectrum Inc., the solar rooftop arm of Manila Electric Co., expects revenues to reach P500 million this year, up from P300 million in 2022 as it expands its projects to 60 megawatts (MW) by end-2023.

“We’re hoping, praying and declaring and maybe half a billion in revenues by the end of the year from last year’s P300 million,” Spectrum president Cecilia Domingo said.

Domingo said Spectrum is eyeing a renewable energy (RE) project portfolio of 90 MW in 2024 as the company plans to tap more industrial and commercial customers nationwide.

She said Spectrum is bullish of its solar business this year as it plans to offer solar rooftop installation to more buildings and Meralco offices.

“As much as possible, all new buildings, so that even during the planning stage they can incorporate the technology, RE, so they become sustainable,” Domingo said.

She said Spectrum also plans to put up solar rooftop projects in the offices of Meralco.

Domingo said majority of Spectrum’s installation is located in the Meralco franchise area.

“Of our portfolio, around 80 percent to 85 percent of the 60 MW is under the Meralco franchise. We’re expanding our footprint in the Visayas and Mindanao. That’s been our target since last year,” she said.

Spectrum is an RE provider that is a member of the Meralco Group.