PASIG CITY, Philippines – Manila Electric Company (Meralco), Meralco PowerGen Corporation (MGEN), and Vietnam-based VinEnergo Energy Joint Stock Company (VinEnergo) have signed a memorandum of understanding (MOU) to explore potential collaboration in advancing energy security, system reliability, and the transition to cleaner energy in the Philippines.
The MOU sets out the parties’ shared interests and identifies areas of potential cooperation relating to power generation development, energy security, system adequacy, and the deployment of emerging energy technologies, and establishes a non-binding framework for discussions and studies on opportunities that support the country’s long-term power system development objectives.
As part of the collaboration, MGEN and VinEnergo will explore renewable energy-based solutions capable of delivering up to five gigawatts (5 GW) of baseload-equivalent capacity. This could potentially involve the deployment of approximately 25 GW of integrated renewable energy and energy storage capacity. 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.
“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.
Under the agreement, the parties will also study opportunities related to EV charging infrastructure, including residential, commercial, and fleet charging solutions, as well as operational and commercial approaches that can support the growing adoption of electric vehicles in the Philippines.
VinEnergo, a leading power developer in Vietnam, brings significant experience in energy development and infrastructure, making it a valuable partner in evaluating potential solutions for the Philippine energy sector.
“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 serves as a framework for discussions and exploration of potential opportunities that could support the Philippines’ energy transition goals. Any future projects or investments will still be evaluated separately and be subject to separate agreements, regulatory requirements, and the results of ongoing assessments.
“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 ensure that dependable power remains available to fuel growth and development.
Through this partnership with MGEN and VinEnergo, we will leverage 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.
