The renewable energy arm of the Meralco group is set to develop another solar power project with Singapore’s Vena Energy, this time in Pangasinan.
MGen Renewable Energy Inc. (MGreen), the clean energy unit of Meralco PowerGen Corp. (MGen), inked an investment deal with Vena Energy for the construction and management of the 450-megawatt alternating current solar power development in Bugallon, Pangasinan under corporate vehicle 3 Barracuda Energy Corp.
The project is dubbed “one of the biggest solar power ventures in the Philippines.”
READ: MGen unit eyeing to build another plant in Singapore
Meralco, however, has yet to disclose the capital earmarked to finance the project.
Construction work may begin within the year, while commercial operations may start by the latter part of 2025.
“This investment not only brings MGen closer to our goal of achieving 1,500 megawatts (MW) of attributable renewable energy by year 2030, but also deepens our partnership with like-minded organizations who believe a sustainable energy future is a collective responsibility of everyone,” said Manny Rubio, MGen president.
“The development of the Bugallon Solar Power Project stands as a testament to our shared responsibility and dedication to engineering a greener future for the Philippines,” added Nitin Apte, chief executive of Vena Energy.
Both parties also teamed up for a 68-MW solar farm in Currimao, Ilocos Norte, a facility that was activated in March 2023.
Vena Energy has a portfolio of 45 gigawatts of renewable energy across the Asia-Pacific, mainly sourced from the sun and wind. —Lisbet K. Esmael