Connect with us

Hi, what are you looking for?

Stock Markets

MGen unit eyes Ilocos Norte solar plant expansion

THE 68-MW “Garcia 2” Solar Project, located in the municipality of Currimao in Ilocos Norte. — VENAENERGY.COM

MGEN RENEWABLE Energy, Inc. (MGreen) is keen to expand its 68-megawatt-alternating current (MWac) solar plant project with Vena Energy in Ilocos Norte.

“This is a test period for both of us,” Jaime T. Azurin, president and chief executive officer of Meralco PowerGen Corp. (MGen), said about the group’s plan for the project’s expansion.

MGreen is the renewable energy subsidiary of MGen, the power generation arm of listed electric distribution utility Manila Electric Co. (Meralco).

“I think there is some good synergy and we hope to expand more,” he told reporters on the sidelines of the inauguration of Nuevo Solar Energy Corp.’s (NSEC), a joint venture between MGreen and Vena Energy in Ilocos Norte.

The 68-MWac “Garcia 2” solar project in Currimao, Ilocos Norte has a total cost of $65 million, according to Samrinder Nehria, head of Vena Energy Philippines.

“Today we embark on a new chapter in our partnership with Vena Energy as we start the commercial operations of NSEC. Powered by our shared aspiration to provide clean and sustainable energy, we are proud to have helped accelerate the country’s energy transition and shall continue investing in clean and sustainable energy source,” Mr. Azurin said.

He said the solar project will supply renewable energy to MPower, the local retail electricity arm of Meralco.

Mr. Azurin said NSEC’s solar plant is part of MGen’s goal to build 1,500 MW of renewable energy in the next five years.

In 2021, MGen launched the commercial operations of BulacanSol’s 55-MWac solar plant in San Miguel, Bulacan followed by the construction of a 75-MWac solar project in Baras, Rizal through PH Renewables, Inc.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Students at any level in their college life find the use of assignment writing services for professional assignment help important. Daily, students in...


Competition is very tough right now. We all know that right now, people are preparing for exams in a manner in which they have...

Stock Markets

YORDENIS Ugas celebrates with his team after defeating Manny Pacquiao in a world welterweight championship bout at T-Mobile Arena. — REUTERS By Michael Angelo...

Stock Markets

A common occurrence, catching a cold can happen anywhere at any time. And in this new normal, sensing the chances or risks of getting...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Captain Of Success. All Rights Reserved.