Philippine conglomerate agrees 100-MW green power deal with Meralco

Philippine electricity distributor Manila Electric Company (PSE:MER), better known as Meralco, has clinched a deal to supply renewable power for the properties of domestic conglomerate Alliance Global Group.

The contract calls for Meralco’s subsidiary MPower to deliver green power from 100 MW of renewable energy capacity, the parent company said on Tuesday. The arrangement covers 70 property developments of Alliance Global Group’s Megaworld and Newport World Resorts, with the electricity to be supplied to hotels, resorts, and real estate facilities.

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Details about the contracted renewable energy projects were not available.

The green power off-take will support Alliance Global Group’s goal to cover 100% of its energy demand with renewable power by 2025 and become carbon neutral by the end of the decade. According to the statement, 95% of its electricity needs are already met with renewable energy.

Last summer, Meralco announced it surpassed its renewables contracting target of 1,500 MW by signing deals with various suppliers for about 1,880 MW of power.