P2.65B raised for 75-MW Rizal solar farm of Meralco, Mitsui

The partnership of Manila Electric Co. and Japan-based Mitsui Group obtained P2.65 billion in fresh funds to develop a 75-megawatt solar power project in Baras, Rizal.

MGEN Renewable Energy Inc. (MGreen), through its subsidiary PH Renewables Inc. (PHRI), tapped a 15-year term project financing from Rizal Commercial Banking Corp.

RCBC Capital Corp. will serve as arranger for this transaction.

PHRI—the joint venture of MGreen, the renewable energy unit of Meralco PowerGen Corp. (MGen), and Mitsui & Co. subsidiary Mit-Renewables Philippine Corp.—is constructing the facility on the grounds of Philippine Communications Satellite Corp.

Commercial operations of the solar project are slated within the first quarter of 2023. Upon completion, it will supply renewable energy to MPower, Meralco’s local retail electricity supply arm.

“We look forward to taking part in this evolving energy landscape as we move towards our target of building 1,500 MW of renewable energy over the next seven years,” said Jaime Azurin, president and CEO of MGen.

“We are fully committed to building a greener future by actively funding renewable energy projects, consistent with our sustainability initiatives,” RCBC president and CEO Eugene Acevedo said.

RCBC Capital president and CEO Jose Luis Gomez, for his part, said this undertaking “greatly benefits the country and the environment in general.”

Aside from the Rizal solar project, PHRI is building a 45-MW solar project in Cordon, Isabela. MGreen has a 51-percent equity stake in PowerSource First Bulacan Solar Inc., which started May last year the operations of the 55-MW solar farm in San Miguel, Bulacan.

Also, MGreen and leading renewable energy company in the Asia-Pacific region, Vena Energy, began working on a 68-MW solar project in Ilocos Norte.MGen’s power generation portfolio currently has a total gross capacity of 2,446 MW that utilizes coal, liquified natural gas, diesel and solar technologies.