22 Nobyembre,2024 Biyernes
No to Divorce!!!
Get well soon Nanay Angelita Santiago-Lopez
No to SOGIE bill
PM for any hospital discharge problem
Happy Birthday Rosita Belmonte-Jose more birthdays to come
Happy Birthday Jo Ephraim Lopez more birthdays to come
Family of the late Jocelyn “Jo” Lising-Abelgas appreciates every moments shared by friends and relatives in their bereavement
FMJ leads groundbreaking of Meralco Terra Solar
By Nidz Godino
“Numbers alone fail to articulate full significance of this project, we are making statement today that Philippines is not only keeping pace with global energy transition but more so express our intention, Philippines’ intention to lead migration from thermal to renewables,” Meralco chairman and chief executive officer Manny Pangilinan said President Ferdinand Marcos Jr. led groundbreaking of world’s largest integrated solar and battery storage facility, project seen to make Philippines leader in renewable energy while contributing to efforts to address climate change and global warming.
Meralco Terra Solar Project is expected to supply clean energy to about 2.4 million households and avoid carbon emissions by estimated 4.3 million tons per year, equivalent to removing more than three million gasoline-powered vehicles from roads annually.
$4-billion project, spans 3,500 hectares across Nueva Ecija and Bulacan, will deliver 3,500 megawatts peak of solar power to Luzon grid with 4,500 megawatt-hour batterenergy storage once it becomes fully operational by 2027.
Speaking during groundbreaking ceremony in Peñaranda, Nueva Ecija, Marcos said Terra Solar Project was designed to address two critical challenges, surging demand for electricity and pressing need to shift to renewable and sustainable energy.By leveraging our abundant solar resources, Terra Solar Project will help stabilize our power supply, reduce energy costs, and contribute significantly to our target of 3percent renewable energy share in power generation mix by year 2030,” the President said.
“We take leap toward future, driven by innovation and sustained by our collective hope for cleaner and greener Philippines…this landmark project will put our country on the map as leader in renewable energy,” he stressed.
Terra Solar Philippines, Inc., Meralco PowerGen Corp. and SP New Energy Corp. are behind project, aligned with government’s target of attaining 35 percent renewable energy mix by 2030 and 50 percent by 2040.
“We will build, we will take action, and we will never stop daring…at the end, this is all showing the world what Filipinos can achieve when public and private sectors work together with focus and urgency,” Pangilinan said.
Terra Solar Project will deliver clean solar energy under 20-year, 850 MW mid-merit power supply agreement to Meralco. Initial block of 600 MW is scheduled for delivery by February 2026, while remaining 250 MW will follow in February 2027.
Before groundbreaking ceremony, Terra Solar Philippines Inc., acting as investment and development vehicle for Terra Solar Project, entered into strategic partnership with United Kingdom-based Actis for 40 percent interest in the project valued at $600 million or about P34 billion. Terra Solar has also awarded engineering, procurement and construction contract for project with China Energy Engineering Corp. and has engaged Meralco Industrial Engineering Services Corp. to link flagship solar development to Luzon power grid.
“With investment of over P200 billion, this demonstrates confidence in stakeholders in our nation’s potential and our commitment to securing stable, steady, reliable, and sustainable power supply, strong typhoons we have been experiencing should further strengthen our resolve to find and facilitate solutions that will save our planet and future of mankind” Marcos said.The President said project is expected to generate nearly P23 billion in financial benefits over next decade, create more than 10,000 jobs and open countless growth opportunities. He also called on state agencies and private sector to support the project by ensuring its timely completion. “Let us do the same for all renewable projects,” he said.
Energy Secretary Raphael Lotilla said Terra Solar project is “crucial step” toward country’s goal of expanding share of renewables in the energy mix to 35 percent by 2030 from current 22 percent.
“It not only enhances our energy security and resilience but will also contribute to our broader economic development by creating jobs and promoting sustainable growth,” Lotilla said.
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