Meralco PowerGen Leads Philippines' Clean Energy Push with Landmark MTerra Solar Project and Record 2024 Growth

Published: 29 May 2025

Author: Precedence Research

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May 28, 2025 

MGEN is leading the shift toward renewable energy in the Philippines, achieving impressive results and starting the nation’s biggest renewable project in 2024. Facilitated by improved operations, greater share in energy services, and successful integration on the grid, mainly in the Visayas area, MGEN posted a core net income of PHP 10.9 billion during this period. The energy generation at both locations averaged 7% due to a 2,436 MW maximum net sellable capacity.

The MTerra Solar Project, the company’s main achievement, takes up 3,500 hectares in Nueva Ecija and Bulacan and will include 3,500 MWp of solar together with 4,500 MWh of stored energy. This project, which runs 2.4 million homes and removes 4.3 million tons of carbon emissions every year, is the biggest ever constructed in America. 

Key Highlights

• Expanding Solar Portfolio: Three new solar farms launched in Nueva Ecija, Isabela, and Rizal, totaling 152.7 MWac; a 450 MW solar plant in Pangasinan will go online in 2026.
• Ahead of Clean Energy Goals: On track to surpass its 1,500 MW renewable energy target by 2027—earlier than projected.
• Natural Gas & Hydrogen Expansion: Significant equity in two LNG plants and a terminal in Luzon; a 600 MW hydrogen-ready gas plant under development in Singapore, expected by 2029.

Executive Statements

Jose Ma. Z. Rubio, President & CEO of MGEN, emphasized

“MGEN is not just building power plants; we’re building a legacy. Our vision is to create long-term, sustainable energy solutions for a greener future. The MTerra project is a landmark for us and the entire country.”

Laurent Jaffart, Managing Partner at Actis, added

“This investment underscores our commitment to accelerating the energy transition in emerging markets. We are proud to partner with MGEN in delivering sustainable infrastructure at this scale.”

Chief Technology Officer (CTO), MGEN (Suggested Statement)

“The technological backbone of MTerra, combining solar with large-scale battery storage, reflects our focus on innovation, grid resilience, and environmental responsibility. This is the energy model of the future.”