MGen Renewable Energy Inc. (MGreen), the renewable energy unit of Meralco PowerGen Corp. (MGen), and leading renewable energy company in the Asia-Pacific region Vena Energy have commenced construction of a 68-megawatt solar power project in Ilocos Norte.
Back in February, MGreen and Vena Energy entered into an agreement to form Nuevo Solar Energy Corp. (NSEC), which would undertake the development, construction and operation of the solar facility in Currimao town.
The solar plant, targeted to begin commercial operations by the first quarter of 2023, is adjacent to Vena’s existing 16-MW Garcia solar project.
“We are looking forward to commencing its operations soon and witnessing how it would help advance economic progress and create better lives for all,” MGen president and CEO Jaime Azurin said.
“We hope that through our partnership with MGreen, this project will play an important role in accelerating the energy transition in the Philippines,” said Samrinder Nehria, head of Vena Energy Philippines.
Azurin had said the solar power project would support the government’s goal of achieving a renewable energy share of 35 percent by 2030 and 50 percent by 2040 in the country’s power mix.
MGen, the power generation arm of Manila Electric Co., aims to build 1,500 MW of renewable projects in the next seven years.
Vena Energy is in the business of developing and managing a renewable portfolio totaling 18 gigawatts.