Meralco unit, Terra Solar seal P7.8-B pact for Luzon grid connection
By Lisbet K. Esmael – 01:15 PM September 28, 2024
from inquirer.net
The Manila Electric Co. (Meralco) is making sure transmission woes will not hamper its massive P200-billion solar farm from connecting to the Luzon grid, with billions of pesos earmarked to build a “critical” infrastructure, INQUIRER FILES
The Manila Electric Co. (Meralco) is making sure transmission woes will not hamper its massive P200-billion solar farm from connecting to the Luzon grid, with billions of pesos earmarked to build a “critical” infrastructure.
The group said Thursday its Meralco Industrial Engineering Services Corporation (MIESCOR) inked an agreement with Terra Solar Philippines, Inc. (TSPI), where the former is tasked to design and construct the infrastructure that would link the plant to the grid.
In a disclosure to the local bourse Friday, SP New Energy Corp. (SPNEC), which bought Terra Solar from Prime Infrastructure Inc. in December 2023, said the deal is valued at P7.8 billion. An additional $116.9 million will be allotted for offshore equipment.
The infrastructure would include a main collector substation, two Solar PV (photovoltaic) satellite collector substations, and two double-circuit 230-kilovolt transmission lines.
“MIESCOR plays a crucial role in connecting the Terra Solar plant to the grid, and we are excited to be part of this groundbreaking step in renewable energy,” MIESCOR president and chief executive officer Richard Ochava was quoted as saying in the statement.
Ochava said the project was now “underway.”
“MIESCOR is fully committed to advancing renewable energy infrastructure. Our goal is to become a leading force in the renewable energy sector and in promoting sustainable development in the Philippines,” he added.
SPNEC, the renewable energy vehicle of Meralco PowerGen Corp. (MGen), leads the development of the solar facility in Nueva Ecija and Bulacan, designed to be the biggest yet in the global market. It is composed of 3,500 megawatts of solar panels and 4,000 MW-hours of battery storage.
The construction divided into two phases is expected to be finished by 2027.
According to MGen president and CEO Emmanuel Rubio, more than 2.4 million households in the country could benefit from the Terra Solar project once activated.
Earlier this month, SPNEC welcomed global investment firm Actis as its new partner, injecting P34 billion into solar development. Meralco chairman Manuel V. Pangilinan said at that time Actis would be their “only partner.”
