Meralco Invests P100B in Green Energy

Published on:
by KnowESG
KnowESG_Meralco Invests P100B in Green Energy
Image courtesy of Vecteezy

Manila Electric Co. (Meralco) has pledged P100 billion over the next six years to create a more sustainable future.

They commit to improving their infrastructure and align with the government's green goals.

Executive Vice President and Chief Operating Officer Ronnie Aperocho at Meralco said, "With sustainability deeply embedded in Meralco's operations and long-term plans, we are proud to commit over P100 billion in capital expenditures to initiatives that not only enhance our infrastructure but also align with the government's vision for a sustainable future."

The funds will be used for a variety of projects, including:

  • Making the power grid more reliable to avoid outages.

  • Reducing energy waste throughout the system.

  • Switching to safer and more environmentally friendly oils in transformers.

  • Helping customers use less energy through efficiency solutions.

  • Expanding the use of electric vehicles (EVs) and charging infrastructure.

Meralco is also committed to increasing its reliance on renewable energy sources. Through its subsidiary MGen Renewable Energy Inc., they are aiming to secure 1,500 megawatts (MW) of renewable energy contracts and develop 1,500 MW of their own green generation capacity.

"Core to our long-term sustainability strategy are twin commitments to secure 1,500 megawatts (MW) of renewable energy supply contracts and to develop 1,500 MW of attributable green energy generation capacity," said Raymond Ravelo, Meralco first vice president and chief sustainability officer.

Meralco's commitment extends beyond just the environment. They are also working to improve the lives of their customers and communities through social development programmes. Their One Meralco Foundation focuses on education, clean water, healthcare, and disaster preparedness.

"As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality health care, dignified livelihoods, and disaster preparedness, all in alignment with the United Nations' sustainable development goals," said Meralco Chairman and CEO Manuel V. Pangilinan.

For more sustainable finance news

Source: The Manila Times


Sustainable Finance Headlines

SMEs Go Green with North Lanarkshire Grants

SMEs Go Green with North Lanarkshire Grants

Sustainable Finance in ASEAN Expands

Sustainable Finance in ASEAN Expands

Saudi Arabia Unveils Green Finance Framework

Colombia Gets $750M for Climate Shift

Circular Secures $10.5M for Recycled Materials Platform

SocGen Wins Top Sustainability Bank

BEA Grants Wilmar $100M Sustainability Loan

RBC's Push for Client Decarbonisation

MFSA Campaign Exposes Greenwashing Risks

CBA Backs Green Businesses with New Loan