Pangilinan-led Manila Electric Company (Meralco), together with its power generation subsidiary Meralco PowerGen Corp. (MGEN) and Vietnam-based VinEnergo Energy Joint Stock Company, has entered into a memorandum of understanding (MOU) to evaluate a renewable energy-based solution capable of delivering up to 5 gigawatts (GW) of baseload-equivalent capacity. The agreement, signed on 22nd June 2026, lays the groundwork for studies and discussions focused on a potential 5GW renewable energy project designed to help meet the Philippines’ increasing electricity requirements while supporting long-term energy security objectives.
According to a statement issued by Meralco, the parties will examine large-scale renewable energy and storage developments that could contribute to addressing the country’s growing power demand. The MOU outlines areas of potential cooperation covering power generation development, energy security, system adequacy and the deployment of emerging energy technologies. In addition, the agreement establishes a non-binding framework that will guide assessments and discussions aligned with the nation’s long-term power system development goals.
Proposed Capacity Could Require Extensive Renewable Energy Deployment
Meralco noted that the proposed baseload-equivalent capacity under the 5GW renewable energy project may require the deployment of approximately 25 GW of integrated renewable energy and energy storage systems. The company stated, “This collaboration aims to solidify renewable energy as a potential baseload equivalent solution to the growing energy demands of the country and prove its reliability and sustainability.”
The scope of the agreement also extends beyond power generation and storage. As part of the discussions, the parties will explore the possible development of electric vehicle (EV) charging infrastructure intended for residential, commercial and fleet users.
Industry Leaders Highlight Energy Security and Long-Term Cooperation
MGEN President and Chief Executive Officer Emmanuel Rubio emphasized the company’s commitment to initiatives that can contribute to a dependable and sustainable energy future.
“Through this MOU, we look forward to assessing how large-scale renewable energy, storage, and related infrastructure can contribute to the country’s evolving energy requirements,” he said.
VinEnergo General Director Nguyen Anh Khoa described the agreement as a reflection of the organizations’ common goal of advancing clean energy while strengthening long-term energy security.
“We also look forward to exploring broader opportunities for collaboration between Meralco, MGEN, VinEnergo and the Vingroup ecosystem to create lasting value for the communities we serve,” he said.
Meralco Executive Vice President and Chief Operating Officer Ronnie Aperocho also highlighted the importance of industry collaboration in pursuing energy security goals.
“Through this partnership with MGEN and VinEnergo, we will leverage on our respective capabilities and expertise to pursue opportunities that create transformative value, build a more resilient energy sector, help achieve the country’s long-term energy security goals, and contribute meaningfully to nation-building,” he said.
