MGEN Renewable Energy, Inc. (MGreen), a subsidiary of Meralco PowerGen Corp. (MGen), recently signed an investment deal with Singapore-based Vena Energy to jointly develop and operate a solar power project in Bugallon, Pangasinan.
The solar power project has an estimated capacity of 450 megawatts of alternating current (MWac) and is expected to reach financial close and commence construction by the third quarter of this year, MGreen said in a statement on Thursday.
Commercial operations are targeted by the fourth quarter of 2025. The project will be under 3 Barracuda Energy Corp., a subsidiary of Vena Energy.
“Beyond ink and paper, the signing of this investment agreement for our 450-MWac solar power project in Bugallon, Pangasinan is a testament to our commitment to power the good life of many Filipinos through solar energy,” MGreen President and Chief Executive Officer Dennis B. Jordan said.
Vena Energy Chief Executive Officer Nitin Apte said the company is committed to accelerating the energy transition and advancing renewable solutions that “foster sustainable growth and environmental stewardship.”
“The Bugallon Solar Power Project stands as a testament to our shared responsibility and dedication to engineering a greener future for the Philippines,” Mr. Apte said.
In 2023, MGen and Vena launched the commercial operations of their 68-MWac solar power project in Currimao, Ilocos Norte.
Vena Energy owns, develops, constructs, and operates a renewable energy portfolio of onshore wind and solar, offshore wind, and energy storage projects totaling 45 gigawatts.
MGreen is a subsidiary of power distributor Manila Electric Co. (Meralco). It owns and operates Global Business Power Corp. and MGreen, which are focused on using advanced and highly efficient technologies that provide reliable and cost-competitive power to customers.
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. — Sheldeen Joy Talavera