Insider spotlight:
At Meralco’s annual stockholders meeting, MGen president and CEO Emmanuel Rubio outlined a series of milestone achievements and forward-looking energy investments that position the subsidiary as the group’s key driver of expansion.
“MGen is not just building power plants. We are building a legacy,” Rubio said. “We are transforming into a huge, already powerhouse—one that balances energy security, affordability and sustainability.”
In 2024, MGen posted a consolidated core net income of P10.9 billion, backed by strong operational performance, particularly in the Visayas reserve market. Total generation reached 15,296 gigawatt hours, up 7 percent year-on-year. Its net sellable capacity stood at 2,436 megawatts (MW), spanning operations in the Philippines and Singapore.
Massive solar expansion
The centerpiece of MGen’s renewable portfolio is the M Terra Solar Project, now under construction across Nueva Ecija and Bulacan. At full scale, it will deliver 3,500 MW of solar capacity and 4,500 MW-hours of battery storage—considered the largest such project globally.
The development, which broke ground in late 2024, has already reached 42-percent completion as of April 2025 and is expected to commence commercial operations in early 2026 (Phase 1) and 2027 (Phase 2).
The project was certified by the Department of Energy as nationally significant and has attracted P150 billion in loans from six Philippine banks, plus a $600-million equity investment from Actis, marking the largest greenfield infrastructure deal in local history.
Beyond M Terra, three new solar projects totaling 152.7 MW were inaugurated in early 2025. A 450 MW solar plant in Pangasinan is also due for completion in 2026. MGen now expects to exceed its 1,500 MW renewable energy target by 2027, three years ahead of schedule.
Gas, overseas projects
To complement renewables, MGen is expanding its liquefied natural gas (LNG) footprint through a 40.2-percent stake in South Premiere Power Corp. and Excellent Energy Resources Inc., totaling nearly 2,500 MW. It also holds interest in an LNG terminal expected to supply 18 percent of Luzon’s power demand.
In Singapore, MGen’s PacificLight Power is building a 600-MW hydrogen-ready gas facility on Jurong Island, adding to its 830-MW existing plant and upcoming 100-MW Fast Start capacity.
