MGEN Renewable Energy, Inc. (MGreen)

MGen was incorporated to engage in the power generation business. It is a wholly owned subsidiary of Manila Electric Co. (Meralco), the Philippines’ largest electricity distribution utility. MGen aims to build a diversified power generation portfolio with 3,000 MW total combined capacity, including 1,000 MW in renewable energy. It envisions to provide large-scale reliable sources of power using the most advanced and efficient technologies at competitive prices. MGen will pioneer the utilization of high efficiency, low emission (HELE) technologies for its coal-fired power plants in the Philippines. The company is also aggressively looking for development opportunities in renewable energy (RE) across the country in line with its goal to be a major player in the RE space. MGen is one of the newest players in the Philippine power generation industry. Though MGen was only established in 2010, the industry is hardly new ground. Meralco was the country’s oldest and largest power generator until it relinquished and transferred its power plants in favor of the National Power Corporation in the 1970’s. Prior to such transfer, it owned several power plants in Metro Manila including the Blaisdel, Tegen, Sucat, Malaya and the famed Rockwell plants. Meralco continued to be the country’s oldest and largest electricity distributor, its core business since the divestment of its power generation assets. Following the nationwide power crisifs of the late 1980’s and early 1990’s, private sector participation in power generation was aggressively encouraged by the government. While Meralco continued to focus on its core distribution business, it also decided to re-enter the power generation business. In 2010, MGen was formed with a management team composed of Filipino and expatriate executives with extensive experience in power generation projects across the United States, China, Asia, Europe, and the Middle East.