VinEnergo develops 5GW of base power with the leading electricity company in the Philippines

According to the memorandum of understanding, VinEnergo cooperates with Manila Electric Company (Meralco) and Meralco PowerGen Corporation (MGEN) to develop 5 GW of base power from renewable energy and distribute it to the market. The target retail price is about 0.17 USD per kWh.

Vingroup said that the above agreement marks an important step forward for VinEnergo in providing electricity at competitive costs to the Philippine market, promising the ability to replicate the model to ASEAN countries.

Specifically, the parties will coordinate to find solutions to support the power system in the Philippines, opening opportunities for cooperation in developing power sources, ensuring energy security, balancing the system and applying new energy technology. VinEnergo and MGEN will research and develop renewable energy projects, capable of providing 5 GW of base electricity capacity for the energy system in this country. To achieve the above goal, the parties plan to deploy about 25 GW of renewable energy capacity with integrated battery storage systems (BESS).

VinEnergo said it will participate more deeply in the process of developing the energy system in the Philippines, accelerating the clean energy transition process and meeting electricity demand here. In addition, VinEnergo, Meralco and MGEN also consider collaborating in developing charging infrastructure for electric vehicles, including charging solutions for households, commercial vehicles, vehicle fleets, operating and business models to popularize electric vehicles in the Philippines.

Mr. Nguyen Anh Khoa, General Director of VinEnergo, said that the parties have made a common commitment to research solutions and develop base power sources based on renewable energy, meeting market needs and sustainable development goals.

MGEN President and CEO Emmanuel V.Rubio said that the business wants to evaluate the potential contribution of large-scale renewable energy, storage systems and related infrastructure to meet the changing energy demand in the Philippines.

Meanwhile, Mr. Ronnie L.Aperocho, Executive Vice President and COO of Meralco, assessed that energy security requires the cooperation of the entire industry and practical cooperation to promote innovative, replicable solutions, thereby accelerating the transition to clean energy and ensuring a stable power source for economic development.

“Through cooperation with MGEN and VinEnergo, we will promote the capacity and experience of each party to find opportunities to create breakthrough value, build a strong energy industry and realize long-term goals, contributing to the development of the Philippines,” he said.

Previously, VinEnergo and the Philippine Department of Energy signed a memorandum of cooperation on the direction of developing clean energy sources, creating a foundation for further strategic cooperation with leading industry partners such as Meralco and MGEN. Earlier this year, VinEnergo and local partners in the Luzon, Visayas and Mindanao regions in the Philippines also set a goal of developing 4.8 GW of large-scale renewable energy projects, part of the plan to develop 50 GW of renewable energy capacity in international markets in the next 3 years.

VinEnergo is an enterprise in the green energy pillar group of Vingroup, focusing on promoting the transition to a green, sustainable energy future through wind power projects, solar power projects, BESS energy storage systems and direct energy solutions.

MGEN, the power development unit of Meralco, announced that the business has a total net commercial capacity of more than 5,069 MW from traditional and renewable energy sources, and the BESS system has a total capacity of 56.4 MWh, as of May 2026. Manila Electric Company (Meralco) is the largest private electricity distribution company in the Philippines, providing in 36 cities and 75 municipalities with about 6.5 million customers, according to the Philippines Energy Efficiency Alliance.