Mabuhay Energy Corporation (MECO) is strengthening its investment cost for the planned rollout of 200 megawatts (MW) worth of renewable energy projects in the following years.
In a report by the Manila Bulletin, MECO CEO Sherwin G. Hing looks to kick-start the rollout through a 50MW utility-scale solar farm facility that will be connected to the Luzon grid.
MECO is looking to begin constructing the first plant by the fourth quarter of the year, marking the first phase of the 200 MW goal. Hing said that they are currently expediting the project’s land acquisition and permitting requirements.
Hing mentioned that the company intends to maintain a cautious and ‘risk-averse’ approach to energy investing and will therefore implement its projects in phases.
The MECO official also noted that they will conduct a pilot project and gradually roll it out until the company reaches 200MW capacity, claiming that they do not want to be ‘aggressive’ since Mabuhay Energy group is still “quite new in the industry”.
Aside from solar photovoltaic (PV) space, the company is also considering other technologies, including hydro and wind farm installations.
In related developments, MECO is also gearing up its retail electricity supplier (RES) subsidiary, Excel Energy and Powergen Corporation (EEPC). Hing noted that they are currently procuring power supply from other generation companies through its “backward integration” business plan.
The strategy entails that demand is already available in the RES business unit, and the supply needed by the customers will be augmented by the planned RE projects of Mabuhay Energy, Hing said.
The 200 MW power generation target stems from the 500 MW target of EEPC.