Exec: Meralco solar project to get chunk of MPIC capex

CONGLOMERATE Metro Pacific Investments Corp. (MPIC) said it has allocated over P200 billion for capital expenditures (capex) this year as it needs to complete the solar project of Manila Electric Co. (Meralco).

- BY VG CABUAG X @villygc

Chaye Cabal-Revilla, MPIC's chief finance, sustainability and risk officer, said this year's capex will be higher by about 5 percent than the previous year's P190 billion.

Much of the capex will be for Meralco to complete its solar plants, Revilla said at the sidelines of the EJAP Sustainability Forum.

Meralco PowerGen Corp., through its affiliate Terra Solar Philippines Inc., is expected to generate 3,500 MWp from its solar project, complemented by a 4,500-MWhr battery energy storage system.

The facility is projected to supply clean energy to approximately 2.4 million households while avoiding an estimated 4.3 million tons of carbon emissions annually.