MGen Renewable Energy Inc. (MGreen), part of the Meralco group, has secured P424 million in equity funding from Manila Electric Co. for investments in various solar power projects that are now being developed.
MGreen is a subsidiary of Meralco Powergen Corp., which is in turn a subsidiary of the electricity distribution giant.
Meralco yesterday said in a statement its board had agreed to inject funds that would contribute to the P10-billion cost of MGreen’s pipeline of solar projects with total generation capacity of 210 megawatts.
Aside from solar, MGreen is intended to be the Meralco group’s platform for other renewable energy projects including wind and run-on-river hydropower.
“We believe that now is the time to focus on building our green energy capacity and we intend to be a key player in the renewable energy space,” said Rogelio L. Singson, MGen president and chief executive.
Earlier, MGreen announced a plan to invest in 1,000 MW of renewable energy projects over the next five to seven years.
Also, MGen, with Thai partner Electricity Generating PCL or EGCO Group, last week started commercial operations of their 500-MW San Buenaventura power plant in Quezon province.
The project is touted as the first in the Philippines to use supercritical technology.