Philippines utility Meralco has sunk PHP424 million (US$8.2 million) of equity funding into its renewables subsidiary, MGreen, to support 210MW of solar projects.
The solar projects are estimated to have a total project cost of PHP10.01 billion (US$193 million).
The plants will be spread across Luzon, the country's largest island, including some in Meralco's franchise area, according to a company statement published by local media.
The move will bring the Philippines' largest utility closer to its target of installing 1GW of renewable energy projects over the next five to seven years.
The financing announcement comes just weeks after Meralco unveiled a 2MW/2MWh battery energy storage system on Luzon.
Two 1MW lithium BESS units comprising 2,300 cells were reportedly unveiled on 6 September and will serve as a pilot for the national utility to understand and integrate more battery systems. The system is connected to a substation which feeds into a 3.8MW solar farm.
See here to read the full story on our sister site, Energy Storage News.
The 6th Annual Solar & Storage Finance Asia conference will bring together policy makers, developers, financers and investors from across the region to discuss how we mobilise investment in tomorrow’s projects and overcome some of the challenges slowing us down. Don’t miss out, join the conversation and help us in our goal of driving forward large-scale renewable Solar & Storage projects across Asia.