November 27, 2024 | 12:00am
Jurong Island, SINGAPORE— PacificLight Power Pte. Ltd., controlled by Meralco PowerGen Corp. (MGen), plans to spend around $900 million to double its capacity, aiming to be a leading energy supplier here in the island country.
MGen currently owns 58 percent of PacificLight, its joint venture with Hong Kong-based conglomerate First Pacific Co. Ltd.
MGen Gas Energy Holdings Inc. president and CEO Yari Miralao told visiting reporters that PacificLight submitted its bid earlier this month for the construction of one of two new gas-fired power plants in Singapore.
“As part of MGen’s comprehensive energy strategy, we are dedicated to investing in state-of-the-art facilities to enhance our competitiveness in the Singapore energy market,” he said.
This came after Singapore’s Energy Market Authority launched a request for proposals for the private sector to build, own and operate new power plants by 2029 and 2030.
Each generating unit is expected to have a capacity of at least 600 megawatts (MW), which can power around 600,000 homes.
PacificLight, Miralao said, intends to invest about $1.5 million for each MW of the 600-MW power plant, which is claimed to be “larger, more efficient and will be one of the most reliable on the Singapore grid.”
The Singaporean government will announce the winning bidder for the auction next month or early next year, he said.
If successful in the bidding war, PacificLight expects the development of this 600-MW power plant to nearly double its portfolio.
The company currently operates an 830-MW combined-cycle gas turbine that uses gas and steam to produce electricity.
Fueled by liquefied natural gas (LNG), the power plant has so far generated about 50,000-gigawatt hours since 2013, enough to supply power to around 1.2 million households.
The facility is likewise the first plant in Singapore to exceed 60-percent efficiency following upgrades, making it one of the most efficient gas-fired power plants in Asia.
Singapore is heavily reliant on fossil fuels, with LNG and natural gas collectively accounting for about 90 percent of the country’s energy mix.
Miralao, however, said PacificLight is teaming up with a consortium of partners to deliver one of Singapore’s flagship renewable energy projects as the country aims to scale up its renewable capacity by 2030.
“In line with this, MGen plans to actively support Singapore’s renewable energy transition through the importation of solar energy from Indonesia,” he said.
Last year, the Singaporean government granted conditional approval to PacificLight for its proposed 600-MW solar import project on Bulan Island in Indonesia that will supply power to Singapore via an undersea cable.
This is aligned with MGen Group’s commitment to driving clean energy solutions in the Philippines and in other markets where the company operates.
“At MGen, our vision is to lead the energy transition toward a cleaner, more sustainable future, and we are confident in our ability to achieve these ambitious goals,” Miralao said.
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