August 23, 2024 | 12:00am
MANILA, Philippines — Meralco PowerGen Corp. of tycoon Manuel V. Pangilinan is acquiring a 50-percent stake in Vena Energy’s 550-megawatt (MW) solar project in Pangasinan, which may commence operations next year.
MGen, through MGen Renewable Energy Inc. (MGreen), recently inked an investment agreement for the development and operation of the Bugallon solar power project under 3 Barracuda Energy Corp.
3BEC is a subsidiary of Vena Energy, a Singapore-based company that boasts a portfolio of 45 gigawatts of RE capacity in the Asia-Pacific region.
MGen is expecting the deal to reach financial close this month or next, paving the way for the start of project development.
The commercial operations, meanwhile, are targeted as early as October next year.
The project’s financial details were not immediately made available.
“This investment not only brings MGen closer to our goal of achieving 1,500 MW of attributable (RE) by 2030 but also deepens our partnership with like-minded organizations that believe a sustainable energy future is a collective responsibility of everyone,” MGen president and CEO Emmanuel Rubio said.
He also reaffirmed MGen’s commitment to capitalizing on renewable power to fuel growth moving forward.
Vena Energy CEO Nitin Apte said the partnership with MGen would help accelerate the country’s energy transition and promote 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,” Apte added.
MGen’s RE targets recently received a significant boost after the company took over SP New Energy Corp., founded by businessman Leandro Leviste.
SPNEC, through Terra Solar Philippines Inc., is developing a massive solar farm spanning the provinces of Nueva Ecija and Bulacan.
The P200-billion Terra Solar development consists of 3,500 MW of solar panels and 4,000 MW hours of battery storage and is poised to become the largest single-site solar facility in the world.
The project, which has so far drawn interest from several foreign investors, is expected to be completed in phases: the first phase by 2026 and the second phase by 2027.
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