Meralco, VinEnergo explore 25-GW clean energy plan

Manila Electric Co., its power generation arm Meralco PowerGen Corp., and Vietnam-based VinEnergo Energy Joint Stock Co. have signed a memorandum of understanding to explore cooperation in power generation, energy security, grid reliability, and cleaner energy development in the Philippines.

The agreement provides a non-binding framework for discussions and studies on possible projects that could support the country’s long-term power system development objectives.

Under the MOU, MGEN and VinEnergo will study renewable energy-based solutions capable of delivering up to 5 gigawatts of baseload-equivalent capacity.

The companies said the plan could involve the deployment of about 25 GW of integrated renewable energy and energy storage capacity.

The collaboration is aimed at positioning renewable energy as a potential baseload-equivalent solution to the country’s growing power demand while testing its reliability and sustainability.

“MGEN continues to pursue opportunities that will enable a more reliable, affordable, 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,” said MGEN President and CEO Emmanuel V. Rubio.

The parties will also study opportunities in electric vehicle charging infrastructure, including residential, commercial, and fleet charging solutions.

The agreement also covers operational and commercial approaches that could support wider electric vehicle adoption in the Philippines.

VinEnergo, a power developer based in Vietnam, is expected to bring experience in energy development and infrastructure to the partnership.

“We are pleased to partner with Meralco and MGEN to explore innovative solutions in building baseload-equivalent renewable energy solutions that can support the Philippines’ growing energy needs and sustainability goals. This partnership reflects our shared commitment to advancing clean energy and 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,” said Nguyen Anh Khoa, VinEnergo General Director.

The MOU does not immediately commit the companies to specific projects or investments.

Any future projects or investments will be evaluated separately and will require separate agreements, regulatory approvals, and the results of ongoing assessments.

The agreement comes as the Philippines seeks to increase renewable energy’s share in the power generation mix to 35% by 2030 and 50% by 2040, targets cited by the Department of Energy and supported by policies meant to attract clean energy investment.

Reuters reported in 2025 that renewables accounted for 22.8% of the country’s power mix in 2022, underscoring the scale of investment needed to meet the government’s targets.

MGEN has been expanding its renewable energy portfolio and previously said it expected to surpass its 1,500-MW renewable energy capacity goal by 2030.

“Energy security cannot be achieved by one company or one sector alone. It requires a whole-of-industry approach and meaningful collaborations to advance innovative and scalable solutions that will accelerate the country’s transition to cleaner energy and ensuring that dependable power remains available to fuel growth and development. 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,” Meralco Executive Vice President and COO Ronnie L. Aperocho said.