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 500 to 600 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.